The Dangote Petroleum Refinery and other petroleum marketers have reduced petrol prices at major depots across Nigeria following a decline in international crude oil prices.
In Lagos, Dangote Refinery reduced its petrol price from ₦1,350 to ₦1,325 per litre, representing a ₦25 reduction. Other operators, including Ascon, Integrated, Pinnacle and Sahara, also cut their prices, with their products now selling around ₦1,326 to ₦1,327 per litre.
MRS reduced its price by ₦20 to ₦1,332 per litre, while Wosbab listed petrol at ₦1,330 per litre.
The reductions followed a decline in global crude prices, with Brent crude falling below $100 per barrel. West Texas Intermediate also dropped to about $91.17 per barrel.
The price cuts were not limited to Lagos. In Port Harcourt, Masters reduced its price to ₦1,328 per litre, while Stockgap cut its price to ₦1,323. Bulk Strategic and Sigmund were listed at ₦1,328, while Matrix retained ₦1,330.
In Calabar, Mainland recorded ₦1,320 per litre after reducing its price by ₦7. Alkanes also reduced its price to ₦1,325, while Matrix maintained ₦1,330. Sobaz, however, increased its price slightly to ₦1,328.
The latest adjustments come just days after Dangote Refinery raised its petrol price from ₦1,265 to ₦1,350 per litre on September 12, following a rise in crude prices.
The renewed decline in crude prices has now created room for downward adjustments across the petroleum supply chain, although prices continue to vary between locations and individual depot operators.
For motorists and other petrol consumers, the reductions could provide some relief if the lower depot prices translate into corresponding cuts at filling stations across the country.
The movement in crude prices remains an important factor in Nigeria’s downstream petroleum market, particularly as domestic refineries increasingly supply products to the local market.