By Ado Oyeyemi
The Dangote Petroleum Refinery and several petroleum marketers have reduced their depot prices for Premium Motor Spirit, popularly known as petrol, following a decline in international crude oil prices.
The latest depot price report published by Petroleumprice.ng showed that the reductions were recorded across major markets in Lagos, Port Harcourt, Calabar and Warri, with Lagos recording some of the biggest cuts.
In Lagos, Dangote Refinery reduced its petrol 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 price by N20 to N1,332 per litre, while Wosbab listed its petrol at N1,330 per litre.
The reductions came as Brent crude traded below $100 per barrel, while the United States benchmark, West Texas Intermediate, fell to $91.17 per barrel.
According to Oilprice.com, Brent crude declined to $99.77 per barrel, while WTI dropped by $1.20, or 1.30 per cent, to $91.17. Brent had traded as high as $109 per barrel the previous week.
However, Murban crude moved in the opposite direction, rising by $4.18, or 3.80 per cent, to $114.20 per barrel.
The movement in international crude prices is significant to Nigeria’s downstream petroleum market, as crude prices influence the cost of refined products and the pricing of locally refined petrol.
Outside Lagos, Port Harcourt also recorded reductions. Masters cut its petrol price by N2 to N1,328 per litre, while Stockgap reduced its price by N7 to N1,323. Bulk Strategic and Sigmund listed their products at N1,328, while Matrix retained its price at N1,330.
In Calabar, Mainland reduced its petrol price by N7 to N1,320 per litre, while Alkanes cut its price by N2 to N1,325. Matrix maintained N1,330, while Sobaz increased its price by N1 to N1,328.
Warri also recorded mixed movements, although most of the adjustments were downward.
Keonamex reduced its price by N3 to N1,327, while Nepal and Prudent cut theirs by N1 and N2 to N1,329 and N1,328 respectively. Matrix and Optima, however, increased their prices by N3 and N1 to N1,330 and N1,328 respectively.
The diesel market also recorded reductions in some locations. In Lagos, Chipet reduced its Automotive Gas Oil 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 prices ranging from N1,815 to N1,860 per litre. In Port Harcourt, Masters reduced its AGO price by N35 to N1,900 per litre.
In Warri, Matrix cut its diesel price by N50 to N2,000 per litre, while Prudent and Rain Oil reduced theirs by N10 to N1,940.
Natural gas prices, however, moved in the opposite direction, rising by 2.96 per cent to $2.92, according to the market data.
The latest depot price adjustments come amid continued volatility in the international oil market, with crude benchmarks responding differently to developments affecting global supply and demand.
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At the retail level, petrol prices were reported to range between N1,370 and N1,450 per litre, depending on location. Pump prices may vary due to transportation costs, stock levels and individual marketers’ margins.
