Depot owners have once again reduced Premium Motor Spirit (PMS) prices below the prevailing rate offered by Dangote-linked marketers, extending a competitive trend that has gained momentum across Nigeria's downstream petroleum market.
Market checks by Petroleumprice.ng on Thursday showed that marketers lifting products linked to Dangote Refinery were selling PMS at about ₦1,127 per litre following the refinery's latest price adjustment.
However, some Lagos depots quickly moved below that level. Aiteo and MRS Tincan were both offering PMS at ₦1,125 per litre, while Bono, Quest, and African Terminal sold at ₦1,126 per litre.
The latest adjustments mark another instance of independent depot operators undercutting refinery-linked market prices. Last week, several depot owners reduced both petrol and diesel prices below prevailing Dangote-linked levels as suppliers competed aggressively for buyers.
Industry participants say marketers are increasingly responding to changing market conditions by adjusting prices to attract customers and maintain product evacuation.
The swift response by independent depots also underscores how closely pricing decisions are being monitored across the supply chain, with operators moving quickly to remain competitive.
While the current price gap remains narrow, repeated instances of depot owners selling below Dangote-linked marketers' rates are reinforcing competition in the wholesale market and drawing attention to the possibility of further price adjustments if the trend persists.
Attention is now turning to whether the latest reductions at the depot level will eventually translate into lower pump prices at filling stations nationwide.