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The downstream petroleum market enters August with minor price adjustments as private depots and retail outlets slash rates following increased product competition.
Current Retail Pump Prices
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Abuja: Major filling stations like MRS and AA Rano adjusted pump prices downwards, retailing between ₦1,265 and ₦1,300 per litre (down from previous highs of ₦1,305 to ₦1,330).
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National Average / Other Regions: Pump prices across various states average around ₦1,270 per litre, varying slightly depending on logistics, distribution costs, and major marketer margins.
Current Depot Ex-Depot Prices
Private and independent depots across major trading hubs closed out the previous week with downward trends due to improved product availability:
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Lagos Depots: Dangote Refinery and key terminals like Pinnacle, Emadeb, NIPCO, and Ardova are dispensing between ₦1,216 and ₦1,222 per litre.
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Warri & Port Harcourt Depots: Prices range between ₦1,216 and ₦1,228 per litre following aggressive price cuts by depot operators.
Industry analysts note that if product supply remains stable and international crude prices stay steady, retail prices are expected to hold firm with potential for minor localized reductions.
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