As competition in Nigeria’s downstream petroleum sector intensifies, six major depot operators have cut the price of Premium Motor Spirit (PMS), commonly known as petrol.
The depots—Emadeb, First Royal, MENJ, Aiteo, Pinnacle, and Hyde—revised their prices downward on Wednesday, reflecting a growing trend among operators seeking to stay competitive in the domestic market.
Price Reductions by Depot:
Emadeb: ₦827/litre (down from ₦903)
First Royal: ₦826/litre (from ₦828)
MENJ: ₦826/litre (from ₦827)
Aiteo: ₦825/litre (from ₦826)
Pinnacle: ₦850/litre (from ₦856)
Hyde: ₦868/litre (from ₦869)
According to Petroleumprice.ng, depot prices are expected to continue declining in the coming weeks, as global crude oil prices—a major determinant of PMS pricing—remain relatively low at around $65 per barrel.
An industry expert, who preferred not to be named, said stakeholders are now anticipating a further price cut from the Dangote Petroleum Refinery.
“With the downward review of depot prices, currently standing at par with the Dangote Refinery’s ₦825 per litre gantry price, there are indications that the refinery would soon reduce its price further,” the expert noted.
Speaking on the development, Dr. Billy Gillis-Harry, National President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), said the price cuts reflect efforts by importers to stay competitive.
“The depot owners imported commercial quantities of petrol from the global market. Without the downward price adjustment, it would be difficult for them to sell in the domestic market. It is their response to the competition in the domestic market,” he said.
“We expect further reduction as competition continues. But too much competition could become harmful to the sector. We need healthy competition to impact on consumers and the sector.”
Meanwhile, Dangote Refinery, in a statement signed by its Group Chief Branding and Communications Officer, Anthony Chiejina, reaffirmed its commitment to price stability, noting that the current pricing strategy is aimed at supporting the Nigerian economy and easing the financial burden on consumers.