The Dangote Petroleum Refinery and other petroleum marketers have reduced the prices of Premium Motor Spirit (PMS), commonly known as 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 ₦20 and ₦25 per litre.
The price reductions came as Brent crude traded below $100 per barrel, while the US benchmark, West Texas Intermediate (WTI), also declined to $91.17 per barrel.
In Lagos, the Dangote Refinery reduced its PMS price from ₦1,350 to ₦1,325 per litre, representing a ₦25 reduction.
Ascon, Integrated, Pinnacle and Sahara also cut their prices by ₦24 per litre, with their products now selling between ₦1,326 and ₦1,327 per litre.
MRS reduced its petrol price by ₦20 to ₦1,332 per litre, while Wosbab’s current price stood at ₦1,330 per litre.
The latest depot price adjustments followed mixed movements in the international crude oil market.
According to Oilprice.com, Brent crude fell to $99.77 per barrel, while WTI declined by $1.20, or 1.30 per cent, to $91.17 per barrel. 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.
Movements in international crude prices are significant for Nigeria’s downstream petroleum market, as they influence the cost of refined products and the pricing of locally refined petroleum products.
The softer Brent and WTI prices have provided room for downward adjustments in depot prices.
Petrol prices fall in other markets
The decline in petrol depot prices was also recorded outside Lagos.
In Port Harcourt, Masters reduced its PMS price by ₦2 to ₦1,328 per litre, while Stockgap cut its price by ₦7 to ₦1,323 per litre.
Bulk Strategic and Sigmund listed petrol at ₦1,328 per litre, while Matrix retained its price at ₦1,330.
In Calabar, Mainland recorded the lowest petrol price among the locations covered, cutting its rate by ₦7 to ₦1,320 per litre.
Alkanes reduced its price by ₦2 to ₦1,325, while Matrix maintained its price at ₦1,330. Sobaz, however, increased its price marginally by ₦1 to ₦1,328 per litre.
Warri also recorded mixed movements, although most adjustments were downward.
Keonamex reduced its PMS price by ₦3 to ₦1,327 per litre, while Nepal and Prudent cut their prices by ₦1 and ₦2, respectively, to ₦1,329 and ₦1,328 per litre.
Matrix and Optima, however, increased their petrol prices by ₦3 and ₦1, respectively, taking their rates to ₦1,330 and ₦1,328 per litre.
Diesel prices also decline
On the automotive gas oil (AGO) market, commonly known as diesel, prices also declined in some locations.
In Lagos, Chipet reduced its AGO price by ₦15 to ₦1,815 per litre, while Ascon, Duport and Integrated each cut their prices by ₦5 to ₦1,815 per litre.
Ibachem, Ibeto, Dangote, Obat and Pinnacle offered diesel at prices ranging between ₦1,815 and ₦1,860 per litre.
Port Harcourt recorded a sharper decline in diesel prices, with Masters reducing its AGO price by ₦35 to ₦1,900 per litre.
In Warri, Matrix cut its AGO price by ₦50 to ₦2,000 per litre, while Prudent and Rain Oil reduced their prices by ₦10 to ₦1,940 per litre.
The latest depot price movements come amid continued volatility in the international oil market, with crude benchmarks responding differently to developments affecting global supply and demand.
Natural gas prices also increased by 2.96 per cent to $2.92, according to the market data.
The latest PMS price adjustments suggest that the recent decline in crude oil prices is beginning to filter into Nigeria’s domestic wholesale petroleum market. However, the extent of further reductions will depend on movements in crude prices, foreign exchange rates and the cost of refined petroleum products.
Lower depot prices could also influence retail petrol prices as marketers replenish their stocks at reduced rates. However, pump prices vary depending on location, transportation costs and individual marketers’ margins.
Petrol currently sells at between ₦1,370 and ₦1,450 per litre, depending on the location.
