Dangote Refinery, Marketers Cut Petrol Prices Across Major Depots

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.

The reductions followed a decline in some international crude oil benchmarks, with the latest depot price report showing the biggest adjustments in Lagos, where several operators cut their petrol prices by between N20 and N25 per litre.

In Lagos, the Dangote Refinery reduced its PMS price from N1,350 to N1,325 per litre, a N25 drop. Ascon, Integrated, Pinnacle and Sahara also reduced their prices by N24, with petrol now selling at between N1,326 and N1,327 per litre.

MRS cut its price by N20 to N1,332 per litre, while Wosbab listed petrol at N1,330 per litre.

The price reductions came as Brent crude fell to $99.77 per barrel, while West Texas Intermediate (WTI) dropped 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.

However, Murban crude moved in the opposite direction, rising by $4.18, or 3.80 per cent, to $114.20 per barrel.

Outside Lagos, Port Harcourt also recorded reductions. Masters cut its PMS price by N2 to N1,328 per litre, while Stockgap reduced 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 petrol price among the locations covered after reducing its rate by N7 to N1,320 per litre. Alkanes cut its price by N2 to N1,325, while Matrix maintained N1,330. Sobaz increased its price slightly by N1 to N1,328.

Warri also recorded mixed movements. Keonamex reduced its price by N3 to N1,327, while Nepal and Prudent cut their prices 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.

Diesel prices also fall

Depot prices for Automotive Gas Oil (AGO), commonly known as diesel, also declined in some locations.

In Lagos, Chipet reduced its diesel price by N15 to N1,815 per litre, while Ascon, Duport and Integrated each cut their prices by N5 to the same level. Other operators, including Ibachem, Ibeto, Dangote, Obat and Pinnacle, listed diesel between N1,815 and N1,860 per litre.

Port Harcourt recorded a sharper decline, with Masters cutting its AGO price by N35 to N1,900 per litre. In Warri, Matrix reduced its price by N50 to N2,000, while Prudent and Rain Oil cut theirs by N10 to N1,940.

The latest movements come amid continued volatility in the international oil market. Natural gas prices also rose by 2.96 per cent to $2.92, according to the market data cited in the report.

The lower crude oil prices have created room for some reductions in domestic wholesale petroleum prices, although further movements will depend on crude prices, foreign exchange rates and the cost of refined products.

The depot reductions could also affect retail petrol prices as marketers replenish their stocks. However, pump prices vary by location, transportation costs and individual marketers’ margins, with petrol currently selling at about N1,370 to N1,450 per litre in the locations covered.