Dangote Petroleum Refinery on Wednesday reduced its ex-depot price of Premium Motor Spirit, popularly known as petrol, by ₦1 per litre, even as diesel prices rose across several petroleum depots in Lagos.
The development reflected mixed trends in Nigeria’s downstream petroleum market, with petrol prices showing slight reductions in some locations, while diesel prices increased.
The adjustment came as global crude oil prices rose sharply on Wednesday, with Brent crude climbing close to the $80 per barrel mark amid renewed supply concerns and geopolitical tensions.
Market data showed that Brent crude rose by $5.43, or 7.32 per cent, to $79.59 per barrel, while West Texas Intermediate gained $4.78, or 6.79 per cent, to $75.22 per barrel.
The rise in crude prices has raised concerns that petroleum product prices could increase again if the upward trend continues in the international market.
Dangote, MRS Reduce Petrol Prices
The latest mid-day depot price report showed that Dangote reduced its petrol loading price from ₦1,076 to ₦1,075 per litre.
MRS Oil Nigeria also cut its petrol depot price by ₦2 per litre, from ₦1,076 to ₦1,074 per litre, making it one of the cheapest suppliers in the Lagos market.
However, major marketers including NIPCO, Sahara Energy, Aiteo and African Terminal retained their previous petrol prices.
In Lagos, petrol depot prices remained largely within a narrow band of ₦1,074 to ₦1,075 per litre, indicating relative stability in the wholesale market despite fluctuations in global crude oil prices.
Unlike petrol, diesel recorded widespread increases across depots in Lagos.
African Terminal raised its diesel price from ₦1,410 to ₦1,450 per litre, while Duport, Ibachem, Ibeto and T-Time also implemented ₦40 per litre increases, moving their prices to ₦1,450 per litre.
