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Nigerian depot owners reduce ex-depot petrol price to N1,270 per liter, undercutting Dangote Refinery’s N1,275 gantry rate
Nigerian petroleum depot owners have reduced their ex-depot petrol price to N1,270 per liter, placing it N5 lower than the Dangote Refinery’s gantry price of N1,275 per liter.
Checks revealed that AA Rano, Sahara, Soroman, Bovas, and Alkanes were among the depots that adjusted their prices downward from between N1,285 and N1,290 per liter.
The move marks a significant shift in the downstream market, as depot operators respond to falling global crude oil prices and competitive pricing pressures.
Global Oil Prices Fall Below $100
The price reduction follows a drop in global crude oil benchmarks, with Brent crude and West Texas Intermediate (WTI) both falling below $100 per barrel on Tuesday.
The decline came after reports that the U.S. President had presented a 15-point peace proposal to Iran, aimed at easing tensions in the Middle East.
The global price slump has intensified pressure on Dangote Refinery to review its gantry price downward in line with market trends.
Retail Prices Remain High
Despite the ex-depot price cuts, retail petrol prices in Abuja remained between N1,361 and N1,380 per liter as of Wednesday.
Industry analysts note that adjustments in gantry or ex-depot prices typically have a direct impact on retail pump prices, though the effect may take time to reflect across the supply chain.
With the global oil market stabilizing below $100, stakeholders expect further price realignments in the coming days as competition among suppliers intensifies.