Petrol prices at filling stations across Nigeria have remained above ₦1,300 per liter despite a decline in depot prices, widening concerns over the gap between wholesale and retail rates.
Depot Prices Fall Across Major Markets
Latest mid-day data for Tuesday, September 8, showed petrol selling between ₦1,266 and ₦1,280 per liter at several major depots in Lagos.
Dangote Refinery and Pinnacle recorded the lowest price at ₦1,266 per liter, while MRS sold at ₦1,267. Aiteo, Integrated and Sahara quoted ₦1,270, with Ascon and NIPCO at ₦1,280.
Despite the lower depot rates, some filling stations in Lagos and Abuja continued to sell petrol for between ₦1,310 and ₦1,325 per liter.
Retail Prices Remain Higher
The difference between depot and pump prices has renewed attention on the costs added after petrol leaves the depot.
Several depots also reduced their prices during the period under review. Integrated and Sahara cut their rates by ₦9 per liter to ₦1,270, while Lister reduced its price by ₦3 to ₦1,277.
In Warri, some operators also lowered their rates, with Rain Oil recording a ₦20 reduction to ₦1,280 per liter.
Transport, Storage Add to Pump Prices
Industry operators said the price at the depot is only one part of what consumers eventually pay at filling stations.
One industry source explained that “The depot price is only one component of the final price paid by the consumer,” pointing to transportation, storage, handling and station operating expenses as additional costs.
Another downstream operator said differences in supply arrangements and operating expenses also affect retail prices.
“Not every station buys at the same price or has the same operating cost. Location, transportation and other expenses all affect the pump price,” the operator said.
Nigerians Await Possible Price Relief
The current price gap has raised questions over whether falling depot rates will eventually result in cheaper petrol for motorists.
Another market source said, “If depot prices continue to fall, consumers should begin to see some relief at the filling stations, provided the savings are transmitted through the distribution chain.”
With Lagos depot prices currently clustered around ₦1,266 and ₦1,280 per liter, attention remains focused on how quickly the reduction will filter through to retail outlets.
