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As competition among suppliers in the downstream sector increased on Tuesday, the average price of Premium Motor Spirit (petrol) at private depots and the Dangote Refinery decreased slightly to ₦880.5 per litre from ₦881.5.
Ex-depot prices were lowered from ₦890 to ₦889 per litre by major private depot operators, such as Matrix, A.Y.M. Shafa, and Sigmund Zamson, which mostly operate in Warri, Delta State, and Calabar, Cross River State.
Pinnacle Oil and Gas kept its price at ₦872 per litre, whereas the Dangote Petroleum Refinery changed its gantry price to ₦872 per litre, a ₦1 decrease from its prior rate of ₦873 per litre.
The development comes as providers’ pricing competition intensifies as deregulation continues to alter the market’s structure.
Last week, the Major Energies Marketers Association of Nigeria (MEMAN) set the landing cost of petrol at ₦829.77 per litre, which is 5.69% less than the gantry rate of ₦877 per litre at the Dangote Refinery.
However, retail rates at filling stations in Lagos, such as MRS, Ardova, and NNPC Limited outlets, continued to range between ₦920 and ₦922 per litre despite the downward revision at depots, indicating that customers had not yet felt the impact of the price decrease.
The naira was trading at ₦1,443.77 per dollar on the black market as of Tuesday, which Vanguard claims is the reason for the sluggish reaction at the pump to foreign exchange difficulties.
MEMAN clarified in its most recent Energy Bulletin, which is available on its website, that variations in the benchmark Brent crude price, which is currently at $67.02 per barrel, had an impact on pricing changes.
According to MEMAN, the spot prices were ₦815.38 (ASPM) and ₦815.40 (NPSC-NOJ) per litre, while the average 30-day report for PMS was ₦829.77 per litre.
“Aviation Turbine Kerosene (ATK) recorded ₦962.53 per litre during the same period, whereas Diesel (AGO) averaged ₦974.50 per litre.”
Market Competition Driven by Deregulation
In an interview with Vanguard, Mazi Colman Obasi, National President of the Oil and Gas Service Providers Association of Nigeria (OGSPAN), responded to the development by stating that the price changes are a reflection of the characteristics of a deregulated market.
“Competition should be expected because the downstream sector has been deregulated,” stated Obasi. More possibilities for domestic consumers are anticipated as a result of competition.
