Petrol depot prices declined across major supply hubs in Nigeria on Tuesday as marketers introduced fresh price cuts in response to increasing competition in the downstream petroleum sector. An analysis of the midday depot price report showed that suppliers in Lagos, Warri, Calabar, and Port Harcourt either reduced their ex-depot prices or maintained existing rates, with no price increases recorded across the locations.

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The price reductions have been attributed to improved domestic fuel supply from the Dangote Petroleum Refinery, continued imports, and intensified competition among independent marketers. In Lagos, the Dangote Refinery retained its ex-depot petrol price at ₦1,216 per litre, the lowest among major suppliers. Pinnacle matched the price after reducing its rate by ₦2, while MRS cut its price to ₦1,222 per litre and Emadeb reduced its rate by ₦7 to ₦1,218 per litre. Other marketers, including Aiteo, Nipco, Ascon, Shema, and T-Time, maintained prices between ₦1,218 and ₦1,220 per litre.

Similar price cuts were recorded in other regions. In Warri, Rain Oil slashed its price by ₦23 to ₦1,245 per litre, while Matrix reduced its rate by ₦10 to the same level and TSL lowered its price to ₦1,244 per litre. In Calabar, Hong Petroleum reduced its price to ₦1,233 per litre, the lowest in the area, while Northwest and Mainland also announced cuts. Port Harcourt depots followed the trend, with Matrix and Optima reducing prices to ₦1,243 per litre. Diesel prices also declined, with Matrix cutting its Lagos diesel price by ₦55 to ₦1,645 per litre and Aiteo reducing its rate to ₦1,630 per litre. Industry analysts said the sustained competition and improved supply could eventually translate into lower retail pump prices, although transportation costs and marketers’ operating margins will continue to influence the final prices paid by consumers.