Petrol depot prices in Lagos have recorded fresh declines as competition among suppliers intensifies, even as the Dangote Petroleum Refinery continues to maintain relatively stable pricing.

Industry data obtained on Monday showed that several petroleum depots across Lagos adjusted their ex-depot prices downward, offering relief to marketers amid ongoing efforts to reduce fuel distribution costs.

The price reductions come amid easing global crude oil prices and increased product availability in the domestic market. Market operators reported that major depots, including Rain Oil, A.A. Rano, AIPEC, Bono Energy, NIPCO and AITEO, implemented varying price cuts in recent days.

The adjustments are believed to be driven by competition for market share as suppliers seek to attract more customers in Nigeria’s deregulated downstream petroleum sector.

In contrast, the Dangote Refinery, Africa’s largest single-train refinery, maintained a largely stable pricing structure, making only marginal adjustments to its petrol loading rates.

Industry analysts say the refinery’s pricing strategy has helped provide a benchmark for the market while contributing to improved product supply nationwide.

The latest development follows recent reductions in petrol prices announced by Dangote Refinery, which cited declining international crude oil prices and improved market conditions.

The refinery’s operations have continued to influence pricing dynamics across the country, with marketers closely monitoring its pricing decisions.

Experts note that the fall in depot prices could eventually translate into lower retail pump prices if filling station operators pass the reductions on to consumers.

However, they cautioned that factors such as foreign exchange fluctuations, transportation costs and changes in global oil prices could still affect future pricing trends.

Motorists and businesses have welcomed the downward movement in depot prices, expressing hope that the reductions will ease transportation costs and reduce pressure on household expenses.

Stakeholders in the petroleum industry say sustained competition among refiners and depot operators is likely to keep prices under pressure in the coming weeks, provided international market conditions remain favourable.