- Several NNPC filling stations have reduced petrol pump prices, reflecting the changes at depots across the country
- Data shows that major depots cut prices at both Lagos and Calabar to an average price of N1,277 and N1,290 per litre
- Diesel prices fall across depot(s) in Lagos, Warri and Port Harcourt on the back of an improved supply and a weakened demand.
Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
New petrol prices have emerged at some Nigerian National Petroleum Company Limited (NNPC) retail outlets in Lagos as marketers adjust to lower ex-depot rates across key fuel supply hubs.
Legit.ng checks over the weekend showed that at Egbeda and Ipaja, most across at NNPC filling stations are now selling below N1,320 official price to between N1,300 and N1,315 per litre.
Photo: AFP
Source: Getty Images
At Egbeda bus stop, NNPC outlets pump is set at N1,300 per litre, while in Ipaja, it is sold at N1,315 per litre. These price reductions were observed at various stations.
Read also
Naira gains against US dollar, British pounds in official market
Depots adjust petrol price
Similarly, at depots across the country, petrol prices dropped within one week of trading, from May 18 to May 22.
In Lagos, Bono depot decreased prices from N1,279 to N1,277 per litre, while Integrated, Quest and African Terminal’s prices decreased from N1,279 to N1,277 per litre, whereas Techno Oil and Aiteo were sold from N1,278 to N1,277 per litre, Petroluemprice.ng reports.
Marketers in Warri, such as Rain Oil, reduced petrol prices from N1,315 to N1,290 per litre, representing a N25 decline. Nepal also cut its PMS price from N1,292 to N1,285 per litre, while Optima reduced its price from N1,290 to N1,285 per litre. Parker, on the other hand, lowered its PMS price from N1,292 to N1,290 per litre.
Supply improved, and the prices decreased at the Warri market at the tail end of the week.
Similarly, petrol price dropped slightly in Calabar as Sobaz changed prices from N1,298 to N1,290 while Northwest, Fynefield, and Soroman fell from N1,300 to N1,290 per litre respectively.
Read also
Markerters release new update on petrol prices in Nigeria
The PMS prices in Calabar have, however, remained the highest in the Nigerian market throughout the period of review, despite the drop.
Photo: Bloomberg
Source: Getty Images
Depots selling minimum prices across regions
- AIPEC (Lagos): N1,276
- Sahara (Lagos): N1,276
- Bulk Strategic (Port Harcourt): N1,305
- Nepal (Warri): N1,285
- Optima (Warri): N1,285
- Fynfield (Calabar): N1,290
- Northwest (Calabar): N1,290
- Sobaz (Calabar): N1,290
- Soroman (Calabar): N1,290
Dangote makes move to stop fuel importation
Earlier, Legit.ng reported that Dangote Petroleum Refinery have filed a fresh suit before the Federal High Court in Lagos seeking an order to quash recent fuel import licenses granted or renewed by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to the Nigerian National Petroleum Company (NNPC) and certain independent marketers.
The move by Dangote was based on the argument that these licenses were contrary to a subsisting court order maintaining the status quo and the Petroleum Industry Act (PIA), which prohibits fuel imports during periods of supply sufficiency in the country.
Dangote argues that Nigeria now has enough refining capacity not to need comprehensive import approvals.
Source: Legit.ng