The Dangote Petroleum Refinery and several petroleum marketers have reduced the depot prices of Premium Motor Spirit, popularly known as petrol, across Lagos, Port Harcourt, Calabar and Warri following a decline in global crude oil prices.
The latest depot price report released by Petroleumprice.ng showed significant reductions, particularly in Lagos, where operators cut petrol prices by between N20 and N25 per litre.
The price adjustments came as international crude oil prices weakened. Brent crude fell below the $100 per barrel mark, while the United States benchmark, West Texas Intermediate (WTI), traded at $91.17 per barrel.
Dangote Refinery recorded one of the biggest reductions, cutting its PMS depot price from N1,350 to N1,325 per litre, a decrease of N25. Other major operators, including Ascon, Integrated, Pinnacle and Sahara, also reduced their prices by N24 per litre, bringing their rates to between N1,326 and N1,327 per litre.
MRS lowered its petrol price by N20 to N1,332 per litre, while Wosbab sold at N1,330 per litre.
The latest reductions signal a shift in the domestic fuel market after weeks of rising petrol prices driven by higher crude oil costs and market volatility.
In Port Harcourt, Masters cut its PMS price by N2 to N1,328 per litre, while Stockgap reduced its rate by N7 to N1,323 per litre. Bulk Strategic and Sigmund sold petrol at N1,328 per litre, while Matrix maintained its price at N1,330.
In Calabar, Mainland offered the lowest petrol price among the locations surveyed, reducing its rate by N7 to N1,320 per litre. Alkanes cut its price by N2 to N1,325, while Matrix retained N1,330. Sobaz, however, raised its price slightly by N1 to N1,328 per litre.
Warri also recorded mixed movements. Keonamex reduced its PMS price by N3 to N1,327 per litre, while Nepal and Prudent cut their prices to N1,329 and N1,328 respectively. Matrix and Optima increased their prices slightly to N1,330 and N1,328 per litre.
The reductions followed softer prices for Brent and WTI crude, which influence the cost of refined petroleum products in Nigeria. However, Murban crude moved against the trend, gaining $4.18, or 3.8 per cent, to close at $114.20 per barrel.
Diesel prices also recorded declines in some locations.
In Lagos, Chipet reduced its Automotive Gas Oil price by N15 to N1,815 per litre, while Ascon, Duport and Integrated each cut their prices by N5 to the same level. Other operators, including Ibachem, Ibeto, Dangote, Obat and Pinnacle, sold diesel at between N1,815 and N1,860 per litre.
Port Harcourt recorded a sharper decline, with Masters reducing its diesel price by N35 to N1,900 per litre.
In Warri, Matrix cut its diesel price by N50 to N2,000 per litre, while Prudent and Rain Oil reduced theirs by N10 to N1,940 per litre.
The latest price movements come as the Federal Government prepares to meet with refiners, depot owners, marketers and retailers to discuss competitive fuel pricing and market stability.
Industry players are watching closely to see whether the lower depot prices will translate into reductions at filling stations. Petrol currently sells for between N1,370 and N1,450 per litre across different parts of the country, depending on location, transportation costs and marketers’ margins.
