Petrol Prices Drop N22 Below Dangote Refinery’s Ex-Gantry Rate

• Petrol prices in Calabar fell to N1,303 per litre, while Port Harcourt recorded prices as low as N1,305 per litre
• Both markets are now selling below Dangote Refinery's ex-gantry rate of N1,325 per litre, with some depots undercutting it by N22
• An industry source linked the price drops to strong product availability and growing competition

Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

Petrol prices in Calabar and Port Harcourt have fallen below Dangote Petroleum Refinery's ex-gantry price as depot operators compete for buyers amid increased product availability.

Market data obtained by Petroleumprice.ng showed that petrol prices across selected depots in Calabar ranged between N1,303 and N1,310 per litre on Monday, October 5.

Prices in Port Harcourt also fell within a narrow range of N1,305 to N1,308 per litre.

The development means some depots in the two markets are selling petrol below Dangote Refinery's N1,325 per litre ex-gantry rate.

The lowest price of N1,303 per litre was recorded at Matrix and Soroman depots in Calabar, creating a N22 per litre difference with Dangote's current rate.

An industry source attributed the price movement to strong product availability and increased competition among depot operators along the Calabar-Port Harcourt corridor.

Petroluemprice.ng reports that several depots currently have substantial volumes of petrol available for sale, while demand has remained relatively limited.

This has pushed operators to review their prices downwards as they compete more aggressively for customers.

Port Harcourt depots cut petrol prices

Several depot operators in Port Harcourt initially quoted their petrol at N1,308 per litre before subsequent price reviews.

Masters, Sigmund, TSL and Stockgap were among the depots initially selling at N1,308 per litre from a previous rate of N1,332.

Following the reviews, Masters and Sigmund reduced their prices to N1,305 per litre.

TSL and Stockgap were also quoted at N1,305 per litre, bringing their prices below Dangote's N1,325 per litre.

Calabar depots record further price cuts

Petrol prices also declined across selected depots in Calabar as operators adjusted their rates.

Northwest was selling at N1,310 per litre, while Matrix and Soroman were initially quoted at N1,308 per litre.

Following subsequent reviews, Matrix and Soroman reduced their prices to N1,303 per litre.

Mainland was also quoted at N1,304 per litre.

Here is a snapshot of petrol prices on Monday, October 5

Calabar depots

• Matrix: N1,303 per litre
• Soroman: N1,303 per litre
• Mainland: N1,304 per litre
• Northwest: N1,310 per litre

Port Harcourt depots

• Masters: N1,305 per litre
• Sigmund: N1,305 per litre
• TSL: N1,305 per litre
• Stockgap: N1,305 per litre

Dangote Refinery

• Ex-gantry price: N1,325 per litre

The latest development highlights the growing influence of regional supply conditions and competition on petrol prices across Nigeria's downstream petroleum market.

More Nigerian filling stations reduce petrol prices

Earlier, Legit.ng reported that more Nigerian filling stations have reduced their petrol pump prices as competition intensifies in the country's downstream petroleum market.

MRS and Ardova filling stations in Lagos have reduced their petrol prices to N1,355 per litre.

The latest price represents a reduction from the N1,370 per litre and above previously charged by the affected filling stations.

Proofreading by James Ojo, copy editor at Legit.ng.