PETROL DEPOT PRICES FALL AS DANGOTE AND MARKETERS ADJUST RATES

The Dangote Petroleum Refinery and several petroleum marketers have reduced their depot prices for Premium Motor Spirit, commonly known as petrol, following a decline in international crude oil prices. The latest adjustments were recorded across major depots in Lagos, Port Harcourt, Calabar and Warri, with Lagos recording some of the largest reductions. The changes come as Brent crude traded below $100 per barrel, while the United States benchmark, West Texas Intermediate, fell to $91.17 per barrel.

In Lagos, the Dangote Refinery reduced its petrol depot price from N1,350 to N1,325 per litre, representing a N25 reduction. Ascon, Integrated, Pinnacle and Sahara also lowered 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’s current price stood at N1,330 per litre. The adjustments followed a recent rise and subsequent decline in global crude prices, with Brent having reached about $109 per barrel the previous week.

Other locations also recorded changes in depot prices. In Port Harcourt, Masters reduced its petrol price by N2 to N1,328 per litre, while Stockgap cut its price by N7 to N1,323. Bulk Strategic and Sigmund sold at N1,328, while Matrix retained its price at N1,330. In Calabar, Mainland recorded the lowest price among the depots covered after reducing its rate by N7 to N1,320, while Alkanes cut its price by N2 to N1,325. Matrix remained at N1,330, while Sobaz increased its price slightly by N1 to N1,328.

Warri also recorded mostly downward movements, although some marketers increased their prices. Keonamex reduced its petrol price by N3 to N1,327 per litre, while Nepal and Prudent lowered 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. Diesel prices also declined in some locations, with Chipet cutting its Lagos price by N15 to N1,815 per litre, while Ascon, Duport and Integrated reduced theirs by N5 to the same level. In Port Harcourt, Masters reduced diesel by N35 to N1,900, while Matrix cut its Warri price by N50 to N2,000 per litre.

The latest reductions reflect the effect of movements in international crude prices on Nigeria’s downstream petroleum market, although domestic pump prices may not immediately fall by the same margin as depot prices. Factors such as transportation costs, operating expenses, exchange rates and individual marketers’ margins can influence the final price paid by consumers. Petrol was selling between N1,370 and N1,450 per litre in the locations covered, while natural gas prices moved in the opposite direction, rising by 2.96 per cent to $2.92.