AP, MRS, Other Filling Stations Slash Petrol Prices as Depot Rates Fall Nationwide

• Petrol prices fall as major marketers reduce rates, offering motorists relief
• Depot prices decline, driven by competition from the Dangote Refinery's local petrol
• Cheaper locally refined petrol challenges imported fuel prices in Nigeria, with new landing costs emerging

Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.

Petrol prices are falling across major filling stations in Nigeria as depot prices continue to decline, offering motorists some relief after weeks of elevated pump prices.

Several major marketers, particularly those sourcing petrol from the Dangote Refinery, have reduced their pump prices following a fresh decline in ex-depot rates.

Findings show that filling stations operated by MRS Oil, AP (Ardova), Lado Oil, and other major marketers have cut petrol prices from levels that reached about N1,240 per litre in some locations in recent days.

MRS Oil, which sells petrol supplied by the Dangote Refinery, reduced its pump price from about N1,245 to N1,210 per litre in Ogun State and surrounding areas. Lado Oil also cut its price from N1,240 to N1,220 per litre.

Similarly, AP filling stations have adjusted their prices downward, with petrol selling for around N1,200 per litre at some outlets.

Depot prices fall as Dangote leads competition

The price reductions at filling stations mirror a broader decline in depot prices, with major operators cutting their ex-gantry rates.

Data from PetroleumPriceNG showed that Pinnacle reduced its petrol price to about N1,167 per litre from N1,200 less than four days earlier.

Other depot operators have also followed the trend. FYNEFIELD reportedly reduced its price from N1,200 to N1,180 per litre, while NorthWest and NIPCO Lagos were selling at about N1,180 and N1,170 per litre respectively.

The Dangote Refinery has emerged as a major driver of the latest price competition, offering incentives, including free nationwide fuel delivery, to marketers purchasing its products.

The 650,000-barrel-per-day refinery's pricing strategy has intensified competition between locally refined petrol and imported products, putting pressure on other suppliers to review their rates.

Cheaper local petrol puts pressure on imports

The decline also comes amid growing evidence that locally refined petrol is becoming increasingly competitive against imported fuel.

Recent market data indicate that imported petrol is now costing more than petrol supplied by the Dangote Refinery, narrowing the appeal of imported products for marketers.

The development signals a major shift in Nigeria's downstream petroleum market, where local refining is increasingly influencing pump and depot prices.

For motorists, the latest reductions could translate into lower transportation and operating costs if the downward trend continues and spreads to more filling stations nationwide.

Dangote Refinery release new petrol price

Legit.ng earlier reported that Nigerians could face another round of petrol price increases after the Dangote Refinery raised its ex-gantry petrol price, triggering fresh upward pressure across the downstream petroleum market.

The 700,000-barrels-per-day Dangote Refinery increased its petrol price by N15.50, from N1,150 to N1,181 per litre.

The latest adjustment comes as international crude oil prices approach $90 per barrel amid growing concerns over global energy supply.