Dangote Petroleum Refinery has announced another reduction in its ex-depot price of Premium Motor Spirit (PMS), also known as petrol, cutting the price by ₦1 per litre, while diesel prices increased across several petroleum depots in Lagos, reflecting mixed movements in Nigeria’s downstream oil market.
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The latest adjustment comes as global crude oil prices recorded a sharp rise on Wednesday, pushing the international benchmark, Brent crude, close to the $80 per barrel mark amid growing geopolitical tensions and expectations of tighter global supply.
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Market data showed that Brent crude gained $5.43, representing a 7.32 per cent increase, to trade at $79.59 per barrel. West Texas Intermediate (WTI) also rose by $4.78, or 6.79 per cent, to $75.22 per barrel. The increase has raised concerns that petroleum product prices could climb again if the upward trend in crude oil prices continues.
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According to the latest mid-day depot price report, Dangote Refinery reduced its petrol loading price from ₦1,076 per litre to ₦1,075 per litre as competition among suppliers continues.
MRS Oil Nigeria also adjusted its ex-depot petrol price downward by ₦2 per litre, reducing it from ₦1,076 to ₦1,074 per litre, making it one of the lowest-priced suppliers in the Lagos market.
Other major marketers, including NIPCO, Sahara Energy, Aiteo and African Terminal, retained their existing petrol prices, indicating that the wholesale petrol market remains relatively stable despite increasing competition.
Across Lagos, petrol depot prices stayed within the range of ₦1,074 to ₦1,075 per litre, showing little movement even with fluctuations in international crude oil prices.
Unlike petrol, diesel prices recorded increases at several Lagos depots.
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African Terminal raised its diesel price from ₦1,410 to ₦1,450 per litre. Duport, Ibachem, Ibeto and T-Time also increased their diesel prices by ₦40 per litre to ₦1,450.
In Port Harcourt, however, diesel prices moved in the opposite direction.
Matrix Depot reduced its Automotive Gas Oil (AGO), commonly known as diesel, price by ₦50 per litre, bringing it down from ₦1,550 to ₦1,500 per litre. Sigmund also lowered its diesel price by ₦3 per litre, from ₦1,463 to ₦1,460.
Petrol prices in Port Harcourt remained unchanged, with Matrix Depot maintaining its PMS price at ₦1,100 per litre.
In Warri, a few marketers adjusted their petrol prices downward.
Nepal and Optima each reduced their petrol prices by ₦2 per litre to ₦1,083, while Parker lowered its price by ₦1 to ₦1,084 per litre.
Other marketers, including Matrix, Rain Oil, Prudent and A.Y.M Shafa, maintained their petrol prices at ₦1,085 per litre.
Diesel prices in Warri recorded mixed movements, with Prudent increasing its price by ₦70 per litre from ₦1,480 to ₦1,550, while A.Y.M Shafa retained its diesel price at ₦1,435 per litre.
In Calabar, Soroman kept its petrol price unchanged at ₦1,100 per litre, while Fynfield raised its diesel price by ₦30 per litre, from ₦1,450 to ₦1,480.
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