Private fuel depots across Nigeria have adjusted petrol prices downward, now offering rates slightly below the Dangote Refinery's gantry price, following a decline in global crude oil prices. This development provides filling station owners and bulk buyers with more competitive purchasing options.
Depots Lower Petrol Prices
According to PetroleumPrice.ng, on Monday, May 25, several Lagos depots revised their petrol prices to undercut the Dangote Refinery's gantry rate of N1,275 per litre. Ardova Petroleum reduced its price to N1,275 per litre, while Nipco and Aiteo further lowered their prices to N1,274 per litre.
The trend extended to the diesel market. In Warri, Rainoil and Danmarna reduced the price of Automotive Gas Oil (AGO) to N1,798 per litre, below the market benchmark.
Global Crude Oil Price Drop
The price reductions follow a significant slide in international crude oil prices, driven by easing tensions around the Strait of Hormuz and ongoing negotiations between the United States and Iran. As of 5 p.m. WAT on Monday, Brent crude traded at $97.62 per barrel, down 5.72%, while West Texas Intermediate (WTI) stood at $91.08 per barrel, down 5.71%.
Industry experts attribute the depot adjustments to declining global crude prices and expectations of reduced replacement costs for imported petroleum products.
US-Iran Negotiations
US President Donald Trump announced on Saturday that the Strait of Hormuz would be reopened as part of a proposed agreement involving the United States, Iran, and several Middle Eastern countries. This move aims to resolve the ongoing Iran conflict. Trump disclosed this on Truth Social after calls with leaders from Saudi Arabia, the UAE, Qatar, Pakistan, Turkey, Egypt, Jordan, Bahrain, and Israel.
He stated that an agreement had been negotiated, subject to finalization, and that final details were still being discussed and would be announced shortly.
Diesel Price Drop
Earlier, the National Bureau of Statistics reported that the average retail price for Automotive Gas Oil (Diesel) stood at N1,361.57 per litre, a 9.32% decrease from N1,501.58 in the previous month. Lagos recorded the highest average diesel price at N1,560.82, followed by Akwa Ibom (N1,558.52) and Borno (N1,480.00).
