The Dangote Petroleum Refinery has reduced its ex-depot price of Premium Motor Spirit, commonly known as petrol, by N1 per litre. Meanwhile, diesel prices rose across several depots in Lagos.
According to Vanguard, the latest depot price report showed that Dangote reduced its petrol loading price from N1,076 to N1,075 per litre.
The Dangote petrol price cut came as marketers continued to adjust prices. This was in response to competition in Nigeria’s downstream petroleum market.
MRS Oil Nigeria also reduced its petrol depot price by N2 per litre, moving from N1,076 to N1,074 per litre. As a result, it became one of the cheapest suppliers in the Lagos market.
However, other major marketers, including NIPCO, Sahara Energy, Aiteo and African Terminal, kept their petrol prices unchanged.
Market data showed that petrol depot prices in Lagos stayed within a narrow range of N1,074 to N1,075 per litre. This suggests relative stability in the wholesale market.
The slight Dangote petrol price cut came despite a sharp rise in global crude oil prices on Wednesday.
Brent crude climbed by $5.43, or 7.32 per cent, to $79.59 per barrel. Meanwhile, West Texas Intermediate rose by $4.78, or 6.79 per cent, to $75.22 per barrel.
The increase in crude oil prices could trigger fresh pressure on petroleum product prices. This is likely if the upward trend continues in the global market.
While petrol prices remained largely stable, diesel prices increased across several Lagos depots.
African Terminal raised its diesel price from N1,410 to N1,450 per litre. In addition, Duport, Ibachem, Ibeto and T-Time also increased their prices by N40 per litre to N1,450.
In Port Harcourt, diesel prices moved in the opposite direction. Matrix Depot reduced its Automotive Gas Oil price by N50 per litre, from N1,550 to N1,500. Meanwhile, Sigmund lowered its diesel price from N1,463 to N1,460.
Petrol prices in Port Harcourt remained stable, with Matrix keeping its PMS price at N1,100 per litre.
In Warri, competition pushed some marketers to reduce petrol prices slightly. Specifically, Nepal and Optima cut their prices by N2 per litre to N1,083. Meanwhile, Parker reduced its price by N1 to N1,084.
Other marketers in Warri, including Matrix, Rain Oil, Prudent and A.Y.M Shafa, maintained petrol prices at N1,085 per litre.
However, Prudent increased its diesel price in Warri by N70 per litre, moving from N1,480 to N1,550. At the same time, A.Y.M Shafa kept its diesel price at N1,435.
In Calabar, Soroman maintained its petrol price at N1,100 per litre. In contrast, Fynfield increased its diesel price by N30, from N1,450 to N1,480.
The latest Dangote petrol price adjustment highlights the mixed trend in the downstream market. Petrol prices show slight reductions, while diesel prices continue to rise in major depot locations.
