Some owners of petroleum products depots have cut their ex-depot petrol prices to N1,075 per litre, matching the level being offered by Dangote Refinery. A check found that firms including Heyden, Pinnacle Ardova, and Sahara set their Friday ex-depot rate at N1,075 after having charged as much as N1,095 per litre earlier.
Quick facts
- Ex-depot petrol prices were cut to N1,075 per litre.
- Several depot owners—named include Heyden, Pinnacle Ardova, and Sahara—matched Dangote Refinery’s rate.
- Some depots had been pricing at up to N1,095 per litre before the reduction.
- The move follows Dangote Refinery’s announcement of free petrol delivery to five states and Abuja at N1,075.
- Over the past four weeks, both Dangote Refinery and depot owners are reported to have lowered fuel prices by at least N120 per litre.
- Crude oil prices rose on Wednesday, then cooled on Thursday, even as tensions in the Middle East escalated after a ceasefire collapse between the United States and Iran.
- New York Fed President John Williams said energy prices would stay lower despite renewed strikes in the Gulf region.
The price alignment comes roughly two days after Dangote Refinery said it would provide free petrol delivery to five states and Abuja at N1,075. The competitive signal is clear: depot operators moving to the same ex-depot benchmark may be trying to prevent shoppers from switching to retail channels linked to Dangote’s logistics offer.
Market watchers also suggested Dangote Refinery could respond by trimming its “gantry” price to below N1,075 if the depot sector holds firm at the current level. The goal would be to maintain a pricing edge and protect volumes as depot owners adjust their own pricing toward the same figure.
In the broader trend, the report notes that over the last four weeks, Dangote Refinery and depot operators have both reduced fuel pricing by at least N120 per litre. Those declines have, in turn, contributed to reductions at petrol pumps, indicating that the latest cuts are part of a wider pass-through from wholesale pricing to retail.
Oil market backdrop
Crude oil prices had jumped on Wednesday before easing on Thursday. The change in sentiment occurred despite renewed escalation in the Middle East, following the collapse of a ceasefire deal between the United States and Iran.
On Thursday, John Williams, President of the New York Federal Reserve Bank, said energy costs are likely to remain lower even after renewed airstrikes in the Gulf region. His comments point to expectations that recent disruptions may not translate into sustained increases in fuel-related inflation pressures.
