The Dangote Petroleum Refinery and other petroleum marketers have lowered the prices of Premium Motor Spirit (petrol) at major depots in Lagos, Port Harcourt, Calabar, and Warri following a drop in international crude oil prices,
These reductions by the Dangote Refinery and other marketers appeared in the latest depot price report released by Petroleumprice.ng, with the largest adjustments occurring in Lagos, where several operators lowered their petrol prices by N20 to N24 per liter.
The cuts came as Brent crude traded under $100 per barrel, while the United States benchmark, West Texas Intermediate, also fell to $91.17 per barrel.
In Lagos, the Dangote Refinery lowered its PMS price from N1,350 to N1,325 per liter, a reduction of N25. Ascon, Integrated, Pinnacle, and Sahara also reduced their prices by N24, with their products now selling between N1,326 and N1,327 per liter.
MRS cut its petrol price by N20 to N1,332 per liter, while Wosbab posted a current price of N1,330.
The latest reductions came after mixed movement in the international crude market.
According to Oilprice.com, Brent crude dropped to $99.77 per barrel, while WTI fell by $1.20, or 1.30 percent, to $91.17 per barrel. Recall that Brent reached $109 last week.
Murban crude, however, moved in the opposite direction, gaining $4.18, or 3.80 percent, to $114.20 per barrel.
The movement in crude prices matters for Nigeria’s downstream petroleum market, since international oil prices affect the cost of imported refined products and the pricing of locally refined petroleum products.
The softer Brent and WTI prices created room for downward adjustments in depot prices.
Petrol price declines were also recorded outside Lagos. In Port Harcourt, Masters lowered its PMS price by N2 to N1,328 per liter, while Stockgap posted a N7 reduction to N1,323. Bulk Strategic and Sigmund listed petrol at N1,328, while Matrix kept 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 liter.
Alkanes reduced its price by N2 to N1,325, while Matrix maintained N1,330. Sobaz, however, raised its price slightly by N1 to N1,328. In Warri, mixed movements were also recorded, though most of the changes were downward.
Keonamex lowered its PMS price by N3 to N1,327, while Nepal and Prudent cut their prices by N1 and N2, respectively, to N1,329 and N1,328.
However, Matrix and Optima raised their petrol prices by N3 and N1, respectively, bringing them to N1,330 and N1,328.
Prices for automotive gas oil, commonly referred to as diesel, also fell in certain locations. In Lagos, Chipet lowered its AGO price by N15 to N1,815 per liter, while Ascon, Duport, and Integrated each trimmed their prices by N5 to the same level.
Ibachem, Ibeto, Dangote, Obat, and Pinnacle quoted diesel prices ranging from N1,815 to N1,860 per liter. Port Harcourt saw a more pronounced shift in diesel prices, as Masters reduced its AGO price by N35 to N1,900 per liter.
In Warri, Matrix lowered its AGO price by N50 to N2,000 per liter, while Prudent and Rain Oil cut theirs by N10 to N1,940.
These latest depot price changes come as the international oil market remains volatile, with crude benchmarks reacting differently to developments shaping global supply and demand.
Natural gas prices also rose, climbing 2.96 percent to $2.92, based on the market data.
The latest PMS adjustments indicate that the recent drop in crude prices is starting to feed into the domestic wholesale market, though how much further prices fall will hinge on crude price movements, foreign exchange, and the cost of refined petroleum products.
The lower depot prices may also shape retail petrol prices as marketers restock at the reduced rates, even though pump prices differ by location, transportation costs, and the margins of individual marketers. Petrol is now selling for between N1,370 and N1,450, depending on the location.
