Dangote, Marketers Slash Petrol Prices as Crude Drops

The price of petrol at major Nigerian depots has fallen following fresh reductions by the Dangote Petroleum Refinery and several independent petroleum marketers across key parts of the country.

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The downward adjustments were recorded in Lagos, Port Harcourt, Calabar and Warri, with Lagos witnessing the most significant changes as some suppliers reduced their prices by more than N20 per litre.

In Lagos, the Dangote refinery lowered its depot price from N1,350 to N1,325 per litre. Ascon, Integrated, Pinnacle and Sahara also reviewed their prices downward, with their petrol now ranging from N1,326 to N1,327 per litre.

MRS followed suit with a N20 reduction, bringing its price to N1,332 per litre, while Wosbab's product was listed at N1,330 per litre, according to the latest depot price data published by Petroleumprice.ng.

The development came against the backdrop of a decline in some international crude oil benchmarks. Brent crude slipped to $99.77 per barrel, while the US benchmark, West Texas Intermediate, fell 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. Murban crude, however, bucked the trend, gaining $4.18, equivalent to 3.80 per cent, to close at $114.20 per barrel.

In Port Harcourt, Masters reduced its petrol price by N2 to N1,328 per litre, while Stockgap lowered its rate by N7 to N1,323.

Bulk Strategic and Sigmund were listed at N1,328, with Matrix maintaining N1,330 per litre.

Calabar also recorded price cuts, with Mainland reducing its rate by N7 to N1,320 per litre, the lowest among the monitored locations. 

Alkanes moved down by N2 to N1,325, while Matrix retained N1,330 and Sobaz increased its price slightly to N1,328.

There were similar but mixed developments in Warri. 

Keonamex reduced its price to N1,327 per litre, while Nepal and Prudent dropped theirs to N1,329 and N1,328 respectively. Matrix and Optima, however, recorded increases.

The diesel market also witnessed reductions in some areas. 

Chipet lowered its Automotive Gas Oil price by N15 to N1,815 per litre in Lagos, while Ascon, Duport and Integrated each reduced theirs by N5. In Port Harcourt, Masters recorded a N35 cut, bringing its diesel price to N1,900.

The latest wholesale price changes could lead to further adjustments at filling stations as marketers buy fresh supplies at the lower depot rates.

However, pump prices will continue to vary depending on exchange rates, transportation costs, location and marketers' operating margins.