Petrol prices at major private depots and the Dangote Refinery recorded another slight drop on Tuesday, pushing the average ex-depot rate down to N880.5 per litre. The adjustment comes as operators in the deregulated downstream market continue to undercut one another to attract buyers.

Marketers operating depots in Warri and Calabar — including Matrix, A.Y.M. Shafa and Sigmund Zamson — reduced their selling price by one naira, now offering petrol at N889 per litre. Dangote Refinery also trimmed its loading price to N872 per litre, matching Pinnacle’s unchanged rate of N872.

Despite the downward movement, retail pump prices in Lagos have yet to reflect the changes. Major filling stations such as MRS, Ardova and NNPC Limited still sold fuel between N920 and N922 per litre, widening the gap between depot and pump prices.

Industry players link the slow transmission of the price reduction to persistent foreign exchange pressures, with the dollar exchanging around N1,443 on the parallel market.

The Major Energies Marketers Association of Nigeria (MEMAN) noted in its latest bulletin that the revised landing cost for petrol now stands at N829.77 per litre, based on a Brent crude benchmark of $67.02 per barrel. Its data also showed updated average and spot prices for diesel (AGO) and aviation fuel (ATK), both of which remain significantly higher.

Commenting on the trend, the Oil and Gas Service Providers Association of Nigeria (OGSPAN) said the price movements are expected outcomes of a competitive environment, adding that a fully deregulated market naturally encourages operators to adjust prices in response to rivals.