The Dangote Petroleum Refinery and several petroleum marketers have reduced their depot prices for Premium Motor Spirit, PMS, following a decline in international crude oil prices.
The price cuts were recorded across major depots in Lagos, Port Harcourt, Calabar and Warri, according to the latest depot price data published by Petroleumprice.ng.
Lagos recorded some of the largest reductions, with several operators cutting petrol prices by between N20 and N24 per litre.
The Dangote Refinery reduced its PMS price from N1,350 to N1,325 per litre, representing a N25 decrease.
Ascon, Integrated, Pinnacle and Sahara also reduced their prices by N24, bringing their products to between N1,326 and N1,327 per litre.
MRS cut its price by N20 to N1,332 per litre, while Wosbab’s current price stood at N1,330.
The reductions came as Brent crude traded below $100 per barrel, while West Texas Intermediate, WTI, fell to $91.17 per barrel.
According to Oilprice.com, Brent crude stood at $99.77 per barrel, while WTI declined by $1.20, or 1.30 per cent, to $91.17. Brent had reached $109 per barrel the previous week.
Murban crude, however, moved in the opposite direction, rising by $4.18, or 3.80 per cent, to $114.20 per barrel.
Prices fall across other markets
In Port Harcourt, Masters reduced its PMS price by N2 to N1,328 per litre, while Stockgap cut its price by N7 to N1,323.
Bulk Strategic and Sigmund sold petrol at N1,328, while Matrix retained its price at N1,330.
In Calabar, Mainland recorded the lowest price among the locations covered, cutting its rate by N7 to N1,320 per litre.
Alkanes reduced its price by N2 to N1,325, while Matrix maintained N1,330. Sobaz, however, increased its price by N1 to N1,328.
Warri also recorded mixed movements, although most of the adjustments were downward.
Keonamex reduced its price by N3 to N1,327, while Nepal and Prudent cut their prices by N1 and N2 respectively, bringing them to N1,329 and N1,328.
Matrix and Optima increased their prices by N3 and N1 respectively, taking them to N1,330 and N1,328.
Diesel prices also decline
There were also reductions in Automotive Gas Oil, AGO, commonly known as diesel.
In Lagos, Chipet reduced its AGO price by N15 to N1,815 per litre. Ascon, Duport and Integrated each reduced their prices by N5 to the same level.
Ibachem, Ibeto, Dangote, Obat and Pinnacle offered diesel between N1,815 and N1,860 per litre.
In Port Harcourt, Masters reduced its AGO price by N35 to N1,900 per litre.
Matrix in Warri cut its diesel price by N50 to N2,000, while Prudent and Rain Oil reduced their prices by N10 to N1,940.
The latest movements come amid continued volatility in the international oil market, with crude benchmarks responding differently to global supply and demand developments.
Natural gas prices also rose by 2.96 per cent to $2.92, according to the market data.
The decline in crude prices is beginning to reflect in the domestic wholesale petroleum market, although further price movements will depend on crude prices, foreign exchange conditions and the cost of refined products.
The lower depot prices could influence pump prices as marketers replenish their inventories, although retail prices continue to vary according to location, transportation costs and individual marketers’ margins.
Petrol is currently selling between N1,370 and N1,450 per litre, depending on the location.
Source: PUNCH
