Nigerian Marketers Reduce Petrol Prices Amid Competition

Marketers in Nigeria have slashed depot petrol prices, providing temporary relief to suppliers and motorists. The average depot price has decreased from N1,315 to around N1,270 per litre, with specific prices reported as Optima at N1,275, Soroman at N1,295, Masters at N1,270, Dangote at N1,265, and MRS Tin at N1,267 per litre.

This price reduction is occurring in a competitive downstream petroleum market, despite rising international crude prices and freight costs that threaten to increase prices again. Previously, petrol prices at filling stations had surged to between N1,350 and N1,400 per litre, exacerbating the financial strain on motorists and households.

Analysts, including financial analyst Osas Igho, caution that the recent price cuts may not be sustainable due to geopolitical tensions in the Middle East, which could drive crude prices higher and impact the cost of imported petroleum products.