Reloaded News Desk
Petrol prices have started falling at major Nigerian depots as international crude prices retreat, with Dangote Refinery and other marketers cutting their wholesale prices across key markets.
In Lagos, Dangote Refinery reduced its Premium Motor Spirit price from ₦1,350 to ₦1,325 per litre, a ₦25 reduction.
Ascon, Integrated and Sahara also reduced their Lagos depot prices by ₦24 per litre to about ₦1,327, while Pinnacle cut its price to ₦1,326. MRS reduced its price to ₦1,332 per litre.
Similar reductions were recorded in other markets, including Port Harcourt, Calabar and Warri.
Diesel prices also declined more sharply in some locations. Matrix in Warri, for instance, reduced its Automotive Gas Oil price from ₦2,050 to ₦2,000 per litre, while a Port Harcourt marketer reduced its price to ₦1,900.
The reductions came as international crude prices fell, with Brent moving around the $100-per-barrel level and US West Texas Intermediate trading below it. The latest decline followed renewed expectations of diplomatic engagement between the United States and Iran.
But the lower depot prices have not yet translated uniformly to filling-station prices.
Marketers say stations that still have higher-priced stocks may continue selling at previous prices until those products are exhausted and replaced with cheaper supplies.
That means the ₦20–₦25 reduction recorded at some depots should not automatically be interpreted as an equivalent reduction at the pump.
The development nevertheless creates room for lower petrol and diesel prices if the decline in wholesale costs is sustained.
For households and businesses, cheaper diesel could be particularly significant because generators, transporters, farmers, manufacturers and logistics operators depend heavily on Automotive Gas Oil.
The direction of pump prices will now depend on crude prices, exchange-rate movements, wholesale supply costs, transportation expenses and competition among filling stations.
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