Again, Dangote Slashes Petrol Price

The Dangote Petroleum Refinery on Wednesday reduced its ex-depot price of Premium Motor Spirit, popularly called petrol, by ₦1 per litre amid mixed movements in Nigeria’s downstream petroleum market.

This came as diesel prices climbed across several depots in Lagos, while global crude oil prices surged sharply, with Brent crude moving close to the $80 per barrel mark.

Latest 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 development raised concerns that petroleum product prices could rise again if crude oil prices continue to increase in the international market.

The latest mid-day depot price report showed that Dangote reduced its petrol loading price from ₦1,076 per litre to ₦1,075 per litre.

MRS Oil Nigeria also reduced 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, most other major marketers, including NIPCO, Sahara Energy, Aiteo and African Terminal, maintained 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 increased its diesel price from ₦1,410 to ₦1,450 per litre.

Duport, Ibachem, Ibeto and T-Time also implemented similar ₦40 per litre increases, raising their prices to ₦1,450 per litre.

The increases reflected fresh pressure in the diesel market, which is heavily used by manufacturers, transport operators and businesses that rely on generators for power.

In contrast to the Lagos market, diesel prices dropped in some depots in Port Harcourt.

Matrix Depot reduced its Automotive Gas Oil price by ₦50 per litre, from ₦1,550 to ₦1,500, providing some relief to industrial users and transport operators.

Sigmund also reduced its diesel price by ₦3 per litre, from ₦1,463 to ₦1,460.

Petrol prices in Port Harcourt, however, remained stable, with Matrix maintaining its PMS price at ₦1,100 per litre.

In Warri, competition among marketers led to slight reductions in petrol prices.

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.

Other marketers, including Matrix, Rain Oil, Prudent and A.Y.M Shafa, maintained their petrol prices at ₦1,085 per litre.

On the diesel side, Prudent raised its diesel price sharply by ₦70 per litre, from ₦1,480 to ₦1,550, while A.Y.M Shafa retained its price at ₦1,435 per litre.

In Calabar, Soroman kept its petrol price unchanged at ₦1,100 per litre.

Fynfield, however, increased its diesel price by ₦30 per litre, from ₦1,450 to ₦1,480.

The mixed price movements across major depots showed a market still adjusting to global crude price volatility, exchange rate pressures and competition among local suppliers.