The Dangote Petroleum Refinery and other petroleum marketers have reduced their depot prices for Premium Motor Spirit, commonly known as petrol, following a decline in international crude oil prices.
The latest reductions were recorded across major depots in Lagos, Port Harcourt, Calabar and Warri, with the largest adjustments reported in Lagos. According to the latest depot price data published by Petroleumprice.ng and reported by The PUNCH, Dangote Refinery reduced its petrol price in Lagos from ₦1,350 to ₦1,325 per litre, representing a ₦25 reduction.
Other major marketers also adjusted their prices. Ascon, Integrated, Pinnacle and Sahara reduced their depot prices by about ₦24 per litre, bringing their products to between ₦1,326 and ₦1,327 per litre. MRS also reduced its price by ₦20 to ₦1,332 per litre, while Wosbab’s price stood at ₦1,330.
The reductions come as international crude prices weakened. Brent crude fell to about $99.77 per barrel after reaching $109 the previous week, while West Texas Intermediate dropped to $91.17 per barrel. The movement in global crude prices is important to Nigeria’s downstream market because crude costs influence the pricing of refined petroleum products.
Price reductions were also recorded in other parts of the country. In Port Harcourt, Stockgap reduced its petrol price by ₦7 to ₦1,323 per litre, while Masters cut its price to ₦1,328. In Calabar, Mainland reduced its price by ₦7 to ₦1,320 per litre.
The decline was not limited to petrol. Some marketers also reduced diesel prices, with reductions recorded in Lagos, Port Harcourt and Warri.
The lower depot prices could eventually put downward pressure on retail petrol prices as marketers replenish their stocks. However, pump prices will continue to vary depending on location, transportation costs, supply conditions and individual marketers’ margins. Current retail petrol prices were reported at between ₦1,370 and ₦1,450 per litre, depending on the location.
