Petrol prices in Calabar and Port Harcourt have fallen as much as ₦22 per litre below Dangote Petroleum Refinery’s ex-gantry rate, driven by increased product availability and intense competition among depot operators in the two markets.
Market data obtained by Petroleumprice.ng showed that petrol prices across selected depots in Calabar stood between ₦1,303 and ₦1,310 per litre on Monday, October 5, while prices in Port Harcourt ranged from ₦1,305 to ₦1,308 per litre.
The lowest price of ₦1,303 per litre was recorded at Matrix and Soroman depots in Calabar, compared with Dangote’s ₦1,325 per litre ex-gantry price, creating a ₦22 per litre differential.
An industry source attributed the price movement to strong product availability and increased competition among depot operators along the Calabar-Port Harcourt corridor.
The source said several depots in the corridor currently have substantial volumes available for sale, while demand has remained relatively limited, prompting operators to compete more aggressively for available buyers.
The competition has resulted in multiple price reviews, particularly among depots in Port Harcourt.
Masters, Sigmund, TSL and Stockgap were initially recorded at ₦1,308 per litre in Port Harcourt before some operators reviewed their prices downward.
Following the reviews, Masters and Sigmund reduced their prices to ₦1,305 per litre, while TSL and Stockgap were also quoted at ₦1,305 per litre.
In Calabar, Northwest was selling at ₦1,310 per litre, while Matrix and Soroman were initially priced at ₦1,308 per litre.
Subsequent reviews saw Matrix and Soroman reduce their prices to ₦1,303 per litre, while Mainland was quoted at ₦1,304 per litre.
The price movement puts several depots in both markets below Dangote’s Lagos ex-gantry benchmark, highlighting differences in regional supply conditions and competition.
Dangote’s petrol price stood at ₦1,325 per litre on October 5.
The latest development indicates that depot-level supply and competition are exerting significant influence on petrol pricing across regional markets, with the Calabar-Port Harcourt corridor recording lower prices than the current Dangote ex-gantry rate.