Dangote, Marketers Cut Petrol Prices as Crude Falls

The Dangote Petroleum Refinery and other petroleum marketers have reduced petrol prices across major depots following a decline in international crude oil prices.

The latest reductions were recorded in Lagos, Port Harcourt, Calabar and Warri, with the sharpest adjustments seen in Lagos.

The Dangote Refinery reduced its Premium Motor Spirit price from N1,350 to N1,325 per litre in Lagos, representing a N25 reduction.

Other major marketers, including Ascon, Integrated, Pinnacle and Sahara, cut their prices by N24 per litre, with their products selling between N1,326 and N1,327.

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

The price reductions followed a decline in international crude prices, with Brent crude falling below $100 per barrel. West Texas Intermediate also declined to about $91.17 per barrel.

The downward adjustment was reflected in other parts of the country.

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 listed their products at N1,328, while Matrix retained its price at N1,330.

In Calabar, Mainland recorded the lowest reported petrol price at N1,320 per litre after reducing its rate by N7. Alkanes cut its price by N2 to N1,325, while Matrix retained N1,330.

Warri also recorded mixed price movements, although most of the adjustments were downward.

The decline extended to the diesel market, with some marketers reducing their Automotive Gas Oil prices in Lagos and Port Harcourt.

Chipet reduced its diesel price by N15 to N1,815 per litre in Lagos, while Ascon, Duport and Integrated cut theirs by N5 to the same level.

In Port Harcourt, Masters reduced diesel by N35 to N1,900 per litre.

The latest petrol price reductions come after a period of sharp increases linked to rising global crude prices and geopolitical tensions.

The downward movement in depot prices could provide some relief for consumers if the reductions are passed through to filling-station pump prices.

However, the extent and timing of any further reductions at retail outlets will depend on existing inventories, transportation costs, operating expenses and marketers’ margins.