Petrol Prices Drop in Warri and Calabar Amid Competition

During the trading week, Nigeria's downstream petroleum market saw significant reductions in petrol prices in Warri and Calabar, with depot rates dropping to as low as N1,330 per litre. According to the latest weekly market review by Petroleumprice.ng, prices in Lagos remained relatively stable at approximately N1,350 per litre.

The price cuts were driven by enhanced distribution from the Petroleum Refinery, which improved product availability and intensified competition among depot operators outside Lagos. In Warri, petrol prices fell from N1,355 to N1,330 per litre, while Calabar saw a decline from N1,352.50 to N1,332.50 per litre.

Port Harcourt also experienced a decrease, with average prices dropping from N1,350 to about N1,333.40 per litre. Conversely, Lagos showed only marginal price movements, reflecting tighter product availability.

The fluctuations in petrol prices are influenced by the growing impact of Dangote Refinery supplies on wholesale pricing, amidst volatile international crude oil prices.