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The Dangote Petroleum Refinery and other petroleum marketers have reduced petrol prices at major depots in Lagos, Port Harcourt, Calabar and Warri following a decline in international crude oil prices.
According to the latest depot price report published by Petroleumprice.ng, the biggest reductions were recorded in Lagos, where several operators cut their prices by between N20 and N25 per litre.
Dangote Refinery reduced its petrol price from N1,350 to N1,325 per litre, while Ascon, Integrated, Pinnacle and Sahara cut their prices by N24 to between N1,326 and N1,327 per litre.
MRS also reduced its price by N20 to N1,332 per litre, while Wosbab was listed at N1,330 per litre.
The reductions followed a decline in international crude prices, with Brent crude falling to $99.77 per barrel and the United States benchmark, West Texas Intermediate, dropping by $1.20, or 1.30 per cent, to $91.17 per barrel.
Brent had reportedly traded at about $109 per barrel the previous week.
However, Murban crude moved in the opposite direction, rising by $4.18, or 3.80 per cent, to $114.20 per barrel.
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 N1,330.
In Calabar, Mainland recorded the lowest price among the locations covered, cutting its price by N7 to N1,320 per litre. Alkanes reduced its price by N2 to N1,325, while Matrix retained N1,330.
Sobaz, however, increased its price marginally by N1 to N1,328 per litre.
In Warri, Keonamex reduced its petrol price by N3 to N1,327, while Nepal and Prudent cut their prices to N1,329 and N1,328 respectively.
Matrix and Optima recorded increases of N3 and N1, taking their prices to N1,330 and N1,328 per litre respectively.
The report also showed reductions in diesel prices in some locations. In Lagos, Chipet cut its Automotive Gas Oil, AGO, price by N15 to N1,815 per litre, while Ascon, Duport and Integrated reduced theirs by N5 to the same level.
In Port Harcourt, Masters reduced its diesel price by N35 to N1,900 per litre.
Matrix reduced its AGO price by N50 to N2,000 per litre in Warri, while Prudent and Rain Oil cut theirs by N10 to N1,940 per litre.
The latest depot price 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 could support further adjustments in domestic wholesale petrol prices, although the extent of any reduction will depend on crude prices, foreign exchange movements and the cost of refined products.
The lower depot prices could also affect retail prices as marketers replenish their stocks, although pump prices vary according to location, transportation costs and individual marketers' margins.
Petrol currently sells between N1,370 and N1,450 per litre in different locations.
