Fuel marketers have reduced petrol depot prices by up to N23 per litre across major supply centres, signalling stronger competition in Nigeria’s downstream petroleum market.

The latest pricing data showed that depots in Lagos, Warri, Calabar and Port Harcourt either lowered their prices or maintained existing rates, with no depot increasing its petrol price.

In Lagos, Dangote Petroleum Refinery retained its ex-depot price at N1,216 per litre. Other marketers, including Pinnacle, MRS and Emadeb, also announced price cuts, while several depots kept prices within the N1,218 to N1,220 per litre range.

Warri recorded some of the biggest reductions, with Rain Oil cutting its depot price by N23 per litre to N1,245, while Matrix reduced its price by N10 to the same level. Other depots also adjusted their rates to remain competitive.

Calabar and Port Harcourt witnessed similar price reductions, with marketers lowering depot prices as competition for bulk buyers intensified.

Industry analysts attributed the decline to improved fuel supply, increased domestic production from the Dangote Refinery and continued participation by fuel importers and independent marketers.

They noted that while lower depot prices could eventually ease retail pump prices, logistics costs, distribution expenses and marketers’ margins will determine how much consumers ultimately pay at filling stations.