Dangote Petroleum Refinery and other major petroleum marketers said that they have reduced the prices of Premium Motor Spirit (PMS) across key depots following a decline in international crude oil prices.
In Lagos, Dangote Refinery cut its petrol depot price by ₦25, from ₦1,350 to ₦1,325 per litre, while Ascon, Integrated, Pinnacle and Sahara reduced their prices by ₦24 to between ₦1,326 and ₦1,327 per litre. MRS also reduced its price by ₦20 to ₦1,332 per litre, while Wosbab now sells at ₦1,330 per litre.
The reductions were also recorded in Port Harcourt, Calabar and Warri, although some marketers retained or marginally increased their prices. The development followed a decline in international crude benchmarks, with Brent crude falling to $99.77 per barrel from about $109 recorded the previous week, while West Texas Intermediate dropped to $91.17 per barrel.
In Port Harcourt, Masters reduced its petrol price by ₦2 to ₦1,328 per litre, while Stockgap cut its price by ₦7 to ₦1,323. Calabar recorded one of the lowest depot prices, with Mainland reducing its PMS price by ₦7 to ₦1,320 per litre. Alkanes cut its price by ₦2 to ₦1,325, while Matrix retained ₦1,330.
In Warri, Keonamex reduced its price by ₦3 to ₦1,327, while Nepal and Prudent cut theirs to ₦1,329 and ₦1,328, respectively. The decline also extended to diesel in some locations. In Lagos, Chipet reduced its Automotive Gas Oil price by ₦15 to ₦1,815 per litre, while Masters in Port Harcourt cut its diesel price by ₦35 to ₦1,900. Matrix in Warri reduced its diesel price by ₦50 to ₦2,000 per litre.
The lower depot prices could translate into reduced pump prices as marketers replenish their stocks, although retail prices will continue to vary based on location, transportation costs, and marketers’ margins. Petrol currently sells at about ₦1,370 to ₦1,450 per litre in different locations.
