Nigerian petroleum depot owners have reduced their ex-depot petrol prices, edging below the gantry price set by Dangote Refinery, in a development that could signal relief for consumers if sustained.
According to market checks, major depot operators including AA Rano, Sahara, Soroman, Bovas, and Alkanes have lowered their ex-depot price to ₦1,270 per litre, down from the previous range of ₦1,285 to ₦1,290 per litre. This places depot prices ₦5 below Dangote Refinery’s current gantry price of ₦1,275 per litre.
The price adjustment follows a decline in global crude oil benchmarks, with Brent and West Texas Intermediate (WTI) crude falling below $100 per barrel. The drop has been linked to easing geopolitical tensions, particularly a peace proposal involving the United States and Iran.
Industry observers note that the decline in crude prices is putting pressure on Dangote Refinery to review its gantry price downward in order to remain competitive in the domestic market.
Despite the reduction at the depot level, retail petrol prices remain elevated. As of the time of reporting, pump prices in Abuja ranged between ₦1,361 and ₦1,380 per litre.
Market analysts emphasize that changes in ex-depot and gantry prices typically influence retail pricing, suggesting that further adjustments may occur in the coming days if the downward trend in global oil prices persists.
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