The Dangote Petroleum Refinery and other petroleum marketers have reduced petrol prices at major depots in Lagos, Port Harcourt, Calabar and Warri following a decline in international crude oil prices.
According to the latest depot price report published by Petroleumprice.ng and reported by PUNCH, the biggest reductions were recorded in Lagos, where several operators lowered their Premium Motor Spirit prices by between N20 and N25 per litre.
Dangote Refinery reduced its petrol price from N1,350 to N1,325 per litre, a N25 reduction. Ascon, Integrated, Pinnacle and Sahara also cut their prices by N24, with petrol selling between N1,326 and N1,327 per litre.
MRS reduced its price by N20 to N1,332 per litre, while Wosbab’s current price stood at N1,330 per litre.
The price reductions came as international crude benchmarks declined. Brent crude fell to $99.77 per barrel, while West Texas Intermediate dropped by $1.20, or 1.30 per cent, to $91.17 per barrel, according to Oilprice.com.
Brent had traded as high as $109 per barrel the previous week. Murban crude, however, moved in the opposite direction, rising by $4.18, or 3.80 per cent, to $114.20 per barrel.
Petrol prices fall across major markets
In Port Harcourt, Masters reduced its petrol price by N2 to N1,328 per litre, while Stockgap cut its price by N7 to N1,323.
Bulk Strategic and Sigmund listed petrol at N1,328 per litre, while Matrix retained its price at N1,330.
In Calabar, Mainland recorded the lowest petrol price among the locations covered, cutting its rate by N7 to N1,320 per litre. Alkanes reduced its price by N2 to N1,325, while Matrix maintained N1,330.
Sobaz, however, increased its price by N1 to N1,328 per litre.
In Warri, Keonamex reduced its petrol price by N3 to N1,327 per litre. Nepal and Prudent cut their prices by N1 and N2 respectively, taking them to N1,329 and N1,328.
Matrix and Optima recorded increases of N3 and N1 respectively, with their prices reaching N1,330 and N1,328.
Diesel prices also decline
The latest reductions extended to automotive gas oil, commonly known as diesel, in some markets.
In Lagos, Chipet reduced its diesel price by N15 to N1,815 per litre, while Ascon, Duport and Integrated each cut their prices by N5 to the same level.
Ibachem, Ibeto, Dangote, Obat and Pinnacle offered diesel at between N1,815 and N1,860 per litre.
In Port Harcourt, Masters recorded a N35 reduction, bringing its diesel price to N1,900 per litre.
Matrix reduced its diesel price in Warri by N50 to N2,000 per litre, while Prudent and Rain Oil cut their prices by N10 to N1,940.
The changes come amid continued volatility in the international oil market, with crude prices responding to developments affecting global supply and demand.
Natural gas prices also rose by 2.96 per cent to $2.92, according to the market data.
The reduction in depot prices could feed through to retail petrol prices as marketers replenish their stocks. However, pump prices vary depending on location, transport costs and individual marketers’ margins.
PUNCH reported that petrol was selling at between N1,370 and N1,450 per litre, depending on the location.
