The Dangote Petroleum Refinery and other petroleum marketers have reduced the prices of Premium Motor Spirit, PMS, across major depots in Lagos, Port Harcourt, Calabar and Warri following a decline in international crude oil prices.
The latest depot price report showed the biggest reductions in Lagos, where several operators cut their petrol prices by between N20 and N25 per litre.
Dangote Refinery reduced its PMS price from N1,350 to N1,325 per litre, while Ascon, Integrated, Pinnacle and Sahara cut their prices by N24, with their products now selling between N1,326 and N1,327 per litre.
MRS also reduced its petrol price by N20 to N1,332 per litre, while Wosbab listed its product at N1,330 per litre.
The reductions followed a decline in international crude prices, with Brent crude trading at $99.77 per barrel and West Texas Intermediate falling by $1.20 to $91.17 per barrel. Brent had traded at about $109 per barrel the previous week.
However, Murban crude moved in the opposite direction, rising by $4.18 to $114.20 per barrel.
Outside Lagos, Masters reduced its petrol price in Port Harcourt by N2 to N1,328 per litre, while Stockgap cut its price by N7 to N1,323. In Calabar, Mainland recorded the lowest price among the locations covered, reducing its rate by N7 to N1,320 per litre.
In Warri, 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, however, recorded slight increases.
Diesel prices also declined in some locations. In Lagos, Chipet reduced its Automotive Gas Oil price by N15 to N1,815 per litre, while Masters cut its Port Harcourt price by N35 to N1,900. In Warri, Matrix reduced its diesel price by N50 to N2,000 per litre.
The latest depot price movements come amid continued volatility in the international oil market. The extent to which further crude price changes will affect domestic petrol prices will depend on crude prices, foreign exchange movements and the cost of refined petroleum products.
Petrol is currently selling at between N1,370 and N1,450 per litre at retail outlets, depending on the location, transportation costs and individual marketers’ margins.
