Nigerian Petrol Depot Prices Drop to ₦880.5 Amidst Intensifying Competition

The average price of premium motor spirit (petrol) at private depots in Nigeria has slightly decreased to ₦880.5 per litre, reflecting a competitive environment among suppliers. Major private depot operators like Matrix, Y.M.

Shafa, Sigmund, and Zamson have reduced their ex-depot prices, with Dangote Petroleum Refinery adjusting its pump price to ₦872 per litre. Despite the price cuts, retail prices at filling stations in Lagos, including NNPC outlets, have not significantly dropped due to slow consumer response and foreign exchange challenges.

The market dynamics are being reshaped by deregulation, with the latest energy bulletin attributing price changes to fluctuations in the Brent crude benchmark.