Dangote, Marketers Cut Petrol Prices As Crude Falls Below $100<\/p>\n
The Dangote Petroleum Refinery and other major petroleum marketers have reduced the price of Premium Motor Spirit (PMS) across depots in Lagos, Port Harcourt, Calabar and Warri, following a drop in international crude oil prices.<\/p>\n
The price cuts were captured in the latest depot price report by http:\/\/Petroleumprice.ng, with the most significant reductions recorded in Lagos, where prices fell by between N20 and N24 per litre.<\/p>\n
The adjustments come as Brent crude slipped below $100 per barrel, trading at $99.77, while the U.S. benchmark, West Texas Intermediate (WTI), fell by $1.20 (1.30 per cent) to $91.17 per barrel. Brent had traded around $109 last week.<\/p>\n
Murban crude, however, moved in the opposite direction, rising by $4.18 (3.80 per cent) to $114.20 per barrel, according to http:\/\/Oilprice.com.<\/p>\n
The decline in crude prices is significant for Nigeria\u2019s downstream market, as international oil prices influence both imported and locally refined products.<\/p>\n
In Lagos, Dangote Refinery cut its PMS price from N1,350 to N1,325 per litre, a N25 reduction. Ascon, Integrated, Pinnacle and Sahara also reduced prices by N24 to between N1,326 and N1,327 per litre.<\/p>\n
MRS cut its price by N20 to N1,332 per litre, while Wosbab now sells at N1,330 per litre.<\/p>\n
Outside Lagos, prices also eased. In Port Harcourt, Masters reduced its price by N2 to N1,328 per litre, while Stockgap cut by N7 to N1,323. Bulk Strategic and Sigmund listed at N1,328, while Matrix retained N1,330.<\/p>\n
In Calabar, Mainland offered the lowest price at N1,320 per litre after a N7 cut. Alkanes dropped by N2 to N1,325, Matrix held at N1,330, while Sobaz marginally increased by N1 to N1,328.<\/p>\n
In Warri, Keonamex reduced by N3 to N1,327, Nepal by N1 to N1,329, and Prudent by N2 to N1,328. Matrix and Optima, however, raised prices by N3 and N1 to N1,330 and N1,328 respectively.<\/p>\n
Diesel (AGO) also recorded declines. In Lagos, Chipet cut by N15 to N1,815 per litre, while Ascon, Duport and Integrated reduced by N5 to the same level. Other depots, including Ibeto, Dangote, Obat and Pinnacle, listed diesel between N1,815 and N1,860.<\/p>\n
In Port Harcourt, Masters cut diesel by N35 to N1,900 per litre. In Warri, Matrix slashed by N50 to N2,000, while Prudent and Rain Oil reduced by N10 to N1,940.<\/p>\n
Natural gas also gained 2.96 per cent to $2.92.<\/p>\n
Industry analysts say the lower depot prices could eventually reflect at the pump as marketers restock at reduced rates, though retail prices, currently between N1,370 and N1,450 per litre depending on location, will still be determined by transportation costs, forex and marketers’ margins(Punch)<\/p>\n","protected":false},"excerpt":{"rendered":"
Dangote, Marketers Cut Petrol Prices As Crude Falls Below $100 The Dangote Petroleum Refinery and other major petroleum marketers have reduced the price of Premium Motor Spirit (PMS) across depots in Lagos, Port Harcourt, Calabar and Warri, following a drop in international crude oil prices. The price cuts were captured in the latest depot price […]<\/p>\n","protected":false},"author":4,"featured_media":152443,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[1],"tags":[3517,3515,3516],"class_list":["post-152440","post","type-post","status-publish","format-standard","has-post-thumbnail","category-others","tag-international-crude-oil-prices","tag-petroleum-marketers","tag-premium-motor-spirit"],"yoast_head":"\n