By Chibuike Nkwede
The Dangote Petroleum Refinery has reduced its ex-depot price of Premium Motor Spirit (PMS), popularly known as petrol, by N1 per litre, as Nigeria’s downstream petroleum market continued to record mixed price movements across major depots.
The latest adjustment comes as global crude oil prices posted a sharp increase, raising concerns that domestic petroleum product prices could come under renewed pressure if the upward trend persists.
International benchmark Brent crude rose by $5.43, representing a 7.32 per cent increase, to trade at $79.59 per barrel. West Texas Intermediate (WTI) also gained $4.78, or 6.79 per cent, to reach $75.22 per barrel, reflecting stronger global oil prices driven by heightened geopolitical tensions and expectations of tighter supply.
Market data showed that Dangote Refinery lowered its petrol loading price to N1,075 per litre from N1,076 per litre. MRS Oil Nigeria also reduced its depot price by N2 per litre, bringing it down to N1,074 per litre, making it one of the most competitively priced suppliers in the Lagos market.
Other major marketers, including NIPCO, Sahara Energy, Aiteo and African Terminal, retained their existing petrol prices, indicating relative stability in the wholesale PMS market despite increasing competition among suppliers.
Across Lagos depots, petrol prices remained within a narrow range of N1,074 to N1,075 per litre, suggesting a largely stable market even as international crude prices continued to fluctuate.
Unlike petrol, diesel prices recorded widespread increases across several Lagos depots. African Terminal raised its diesel price from N1,410 to N1,450 per litre, while Duport, Ibachem, Ibeto and T-Time implemented similar increases of N40 per litre, bringing their prices to N1,450 per litre.
In Port Harcourt, however, diesel prices moved in the opposite direction. Matrix Depot reduced its Automotive Gas Oil (AGO) price by N50 per litre, from N1,550 to N1,500, offering some relief to transport operators and industrial consumers. Sigmund also cut its diesel price slightly, reducing it by N3 per litre to N1,460 from N1,463.
Petrol prices in Port Harcourt remained unchanged, with Matrix maintaining its PMS price at N1,100 per litre.
The Warri market also recorded marginal reductions in petrol prices. Nepal and Optima each lowered their prices by N2 per litre to N1,083, while Parker reduced its price by N1 to N1,084 per litre. Matrix, Rain Oil, Prudent and A.Y.M Shafa maintained their petrol prices at N1,085 per litre.
Diesel prices in Warri recorded mixed movements. Prudent increased its diesel price by N70 per litre to N1,550 from N1,480, while A.Y.M Shafa retained its price at N1,435 per litre.
In Calabar, Soroman maintained its petrol price at N1,100 per litre, while Fynfield increased its diesel price by N30 per litre, raising it from N1,450 to N1,480.
Industry observers say the recent spike in global crude oil prices could influence future domestic fuel pricing if the trend continues, despite the current stability recorded in Nigeria’s petrol market.