Crude oil price declines have triggered fresh reductions in the depot prices of petrol and diesel across major petroleum markets in Nigeria.
The latest adjustments saw the Dangote Petroleum Refinery and several petroleum marketers cut their Premium Motor Spirit (PMS) prices by as much as N25 per litre, with the sharpest reductions recorded in Lagos.
The changes were contained in the latest depot price report published by Petroleumprice.ng , following a decline in key international crude benchmarks.
In Lagos, Dangote Refinery reduced its petrol price from N1,350 to N1,325 per litre, while Ascon, Integrated, Pinnacle and Sahara cut their prices by N24 to between N1,326 and N1,327 per litre.
MRS reduced its price by N20 to N1,332 per litre, while Wosbab was listed at N1,330 per litre.
The reductions came as Brent crude fell to $99.77 per barrel, according to Oilprice.com , while West Texas Intermediate dropped by $1.20, or 1.30 per cent, to $91.17 per barrel.
Brent had risen to $109 per barrel the previous week.
Murban crude, however, moved in the opposite direction, gaining $4.18, or 3.80 per cent, to $114.20 per barrel.
The movement in international crude prices is closely linked to Nigeria’s downstream market as it affects the cost of refined petroleum products and the pricing of locally refined products.
Outside Lagos, Port Harcourt also recorded downward adjustments. Masters reduced its petrol price by N2 to N1,328 per litre, while Stockgap cut its price by N7 to N1,323 per litre.
Bulk Strategic and Sigmund listed petrol at N1,328 per litre, while Matrix retained its price at N1,330.
In Calabar, Mainland recorded the lowest petrol depot price among the locations covered after cutting its rate by N7 to N1,320 per litre.
Alkanes reduced its price by N2 to N1,325, while Matrix retained N1,330. Sobaz, however, increased its price marginally by N1 to N1,328.
Warri also recorded mixed movements, although most of the changes were downward. Keonamex reduced its petrol 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 diesel price by N35 to N1,900 per litre, while Matrix cut its Warri price by N50 to N2,000 per litre. Prudent and Rain Oil also reduced their prices by N10 to N1,940 per litre.
The latest depot price movements come amid continued volatility in the international oil market, with crude benchmarks responding differently to developments affecting global supply and demand.
Natural gas prices also rose by 2.96 per cent to $2.92.
The reduction in depot prices indicates that the recent decline in crude prices is beginning to filter into Nigeria’s domestic wholesale petroleum market.
However, further movements in petrol prices will depend on international crude prices, foreign exchange rates and the cost of refined products.
The lower depot prices could also affect pump prices as marketers replenish their stocks at the reduced rates, although retail prices vary based on location, transportation costs and individual marketers’ margins.
Petrol is currently selling between N1,370 and N1,450 per litre in different locations.
Discussion0