Top 10 Depots with the Highest Petrol Prices Signal Wide Market Disparities
By Eyo Nsima
Nigeria’s deregulated downstream petroleum market continues to exhibit significant pricing differences, with some depot operators selling Premium Motor Spirit (PMS), popularly known as petrol, at prices more than ₦150 per litre above those charged by many competitors.
Current depot pricing data indicate that JENCO is offering the highest PMS price at ₦1,309 per litre, closely followed by Bovas Oil at ₦1,284.50 per litre and Rainoil Limited Oghara Depot at ₦1,270 per litre.
Other depots among the country’s highest-priced suppliers include:
JENCO – ₦1,309/litre
Bovas Oil – ₦1,284.50/litre
Rainoil Limited Oghara Depot – ₦1,270/litre
Pinnacle Oil and Gas – ₦1,253/litre
Danmarna – ₦1,230/litre
TMDK Group Energy – ₦1,210/litre
Matrix Energy – ₦1,195/litre (premium listing)
Eterna Plc – ₦1,195/litre
Rain Oil Limited – ₦1,190/litre
AA Rano – ₦1,161.50/litre
The pricing contrasts sharply with several major suppliers, including Dangote Refinery and other depots, where PMS is available at around ₦1,120 to ₦1,130 per litre, underscoring the competitive pressures shaping the downstream market.
Industry operators say the premium prices are influenced by several factors, including product acquisition costs, inventory replacement values, transportation expenses, depot location, storage costs and regional supply-demand dynamics.
Some depots may also be selling products procured when international crude oil prices and freight costs were significantly higher, making it difficult to immediately align with lower prevailing market prices.
Analysts noted that despite the premium pricing, marketers sometimes continue to patronise these depots because of product availability, shorter delivery times and strategic proximity to their retail outlets, reducing overall logistics costs.
Meanwhile, increased domestic refining, led by Dangote Refinery, continues to intensify competition across the supply chain. The refinery’s pricing strategy has contributed to a gradual easing of depot prices in several major markets, particularly in Lagos, where many operators have recently adjusted prices downward to remain competitive.
Stakeholders expect depot prices to remain volatile in the near term, responding to fluctuations in global crude oil prices, foreign exchange movements, freight costs and domestic supply conditions.
However, they believe sustained increases in local refining capacity should continue to moderate price differentials across Nigeria’s downstream petroleum market.
