Petrol Prices Fall Below Dangote's Rate in Calabar, Port Harcourt

Petrol prices in Calabar and Port Harcourt have decreased below the Dangote Petroleum Refinery's ex-gantry price of N1,325 per litre, as reported on October 5. Prices at selected depots in Calabar ranged from N1,303 to N1,310 per litre, with the lowest price of N1,303 recorded at Matrix and Soroman depots.

In Port Harcourt, prices fell between N1,305 and N1,308 per litre, with several depot operators initially quoting N1,308 before reducing their prices to N1,305. The price drop is attributed to strong product availability and heightened competition among depot operators along the Calabar-Port Harcourt corridor, leading to aggressive pricing strategies to attract customers.

The report indicates that several depots currently have substantial petrol volumes available for sale, while demand remains limited, prompting operators to lower prices. This trend reflects the growing influence of regional supply conditions on petrol pricing in Nigeria's downstream petroleum market.