The Dangote Petroleum Refinery and other petroleum marketers have reduced the prices of Premium Motor Spirit (petrol) across major depots in Lagos, Port Harcourt, Calabar and Warri, following a decline in international crude oil prices.
The reductions were recorded in the latest depot price report published by Petroleumprice.ng, with the biggest adjustments seen in Lagos, where several operators cut their petrol prices by between N20 and N24 per litre.
The reductions came as Brent crude traded below $100 per barrel, while the United States benchmark, West Texas Intermediate, also declined to $91.17 per barrel.
In Lagos, the Dangote Refinery reduced its PMS price from N1,350 to N1,325 per litre, representing a N25 reduction. Ascon, Integrated, Pinnacle and Sahara also cut their prices by N24, with their products now selling between N1,326 and N1,327 per litre.
MRS reduced its petrol price by N20 to N1,332 per litre, while Wosbab recorded a current price of N1,330.
The latest reductions followed a mixed movement in the international crude market.
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According to Oilprice.com, Brent crude fell to $99.77 per barrel, while WTI dropped by $1.20, or 1.30 per cent, to $91.17 per barrel. Recall that Brent hit $109 last week.
However, Murban crude moved in the opposite direction, gaining $4.18, or 3.80 per cent, to $114.20 per barrel.
The movement in crude prices is significant for Nigeria’s downstream petroleum market because international oil prices influence the cost of imported refined products and the pricing of locally refined petroleum products.
The softer Brent and WTI prices provided room for downward adjustments in depot prices.
The decline in petrol prices was also recorded outside Lagos. In Port Harcourt, Masters reduced its PMS price by N2 to N1,328 per litre, while Stockgap recorded a N7 reduction to N1,323. Bulk Strategic and Sigmund listed petrol at N1,328, while Matrix retained its price at N1,330.
