Dangote Cuts Petrol Price to ₦1,325 as Marketers Reduce Depot Rates
Dangote Petroleum Refinery has reduced the price of Premium Motor Spirit (PMS), popularly known as petrol, by ₦25 per litre as international crude oil prices ease.
The refinery’s latest adjustment brings its petrol price down from ₦1,350 to ₦1,325 per litre.
The reduction was reported across major petroleum depots in Lagos, Port Harcourt, Calabar and Warri, with several marketers also adjusting their prices downward.
In Lagos, Ascon, Integrated, Pinnacle and Sahara also reduced their depot prices, with their latest rates reported around ₦1,326 to ₦1,327 per litre. MRS reduced its price to ₦1,332 per litre, while Wosbab was listed at ₦1,330.
In Port Harcourt and Warri, some monitored depots were selling petrol at about ₦1,330 per litre, while some Calabar depots were reported at around ₦1,327 per litre.
The latest reductions come after a decline in international crude oil prices. Punch reported that Brent crude had fallen below $100 per barrel, while West Texas Intermediate (WTI) was trading around $91.17 per barrel.
The new Dangote price partly reverses the refinery’s earlier increase from ₦1,265 to ₦1,350 per litre on September 12.
However, the reduction at the depot level does not automatically mean an immediate or uniform reduction in prices at filling stations, as retail prices can vary depending on transportation costs, existing stock and individual marketers’ margins.
The latest development is expected to keep attention focused on how changes in global crude prices and domestic supply conditions affect petrol prices across Nigeria.
