The Dangote Petroleum Refinery and major oil marketers have reduced petrol prices across several Nigerian depots following a decline in international crude oil prices, raising expectations of cheaper fuel at filling stations. The latest depot price report by Petroleumprice.ng shows reductions across Lagos, Port Harcourt, Calabar and Warri, with Dangote implementing one of the largest cuts.
Dangote and MRS slash petrol prices in Lagos
Dangote Refinery reduced its petrol gantry price by N25, from N1,350 to N1,325 per litre. Other Lagos marketers, including Ascon, Integrated, Pinnacle and Sahara, implemented reductions of N24 per litre. MRS lowered its depot price by N20 to N1,332 per litre, while Wosbab quoted N1,330.
The reductions followed declining international crude prices, with Brent trading at $99.77 per barrel and West Texas Intermediate falling 1.30% to $91.17, according to Oilprice.com. However, Murban crude rose 3.80% to $114.20 per barrel, highlighting continued volatility in global oil markets.
Petrol prices fall in Port Harcourt, Calabar and Warri
Similar reductions were recorded across other major petroleum distribution centres. 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 quoted N1,328, while Matrix maintained N1,330.
Calabar recorded the lowest price among the locations surveyed, with Mainland reducing its rate to N1,320 per litre. Alkanes lowered its price to N1,325, while Sobaz increased its rate marginally to N1,328. In Warri, Keonamex reduced its price to N1,327, while Nepal and Prudent quoted N1,329 and N1,328, respectively.
Diesel prices also decline
Diesel prices also recorded reductions across several depots. In Lagos, Chipet lowered its price by N15 to N1,815 per litre, while Ascon, Duport and Integrated implemented N5 reductions. Port Harcourt's Masters reduced its diesel price by N35 to N1,900 per litre. In Warri, Matrix announced a N50 reduction to N2,000 per litre, while Prudent and Rain Oil lowered their prices to N1,940.
Will filling stations reduce pump prices?
The latest wholesale reductions could translate into cheaper petrol for motorists as filling stations replenish their stocks, according to data from PetroleumPriceNG. However, retail prices currently range between N1,370 and N1,450 per litre, depending on location.
Transportation costs, existing inventories and marketers' margins will determine how quickly consumers benefit from the reductions. The latest report establishes depot price cuts but does not confirm corresponding pump-price reductions at individual NNPC or MRS filling stations.
Legit.ng earlier reported that the federal government has taken steps to address rising petrol prices, with the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) announcing plans to convene a consultative meeting with key players in the downstream petroleum sector. The NMDPRA said the meeting, scheduled for Tuesday, will bring together refiners, depot owners, marketers and retailers to discuss the pricing of Premium Motor Spirit (PMS) and other petroleum products.
