A dip in international crude oil benchmark prices has prompted the Dangote Petroleum Refinery alongside several petroleum marketers to slash wholesale petrol costs across major coastal supply hubs in Nigeria.
The downstream price adjustments coincide with Brent crude dropping below 100 U.S. dollars to 99.77 U.S. dollars per barrel, whilst West Texas Intermediate slipped by 1.30 per cent to 91.17 U.S. dollars per barrel. In contrast to these declines, Murban crude bucked the global trend by climbing 3.80 per cent to 114.20 U.S. dollars per barrel, whilst natural gas prices edged up to 2.92 U.S. dollars.
Data published by Petroleumprice.ng reveals that the most substantial petrol price cuts occurred across Lagos depots, where operators shaved up to ₦24 off their rates. The Dangote Refinery lowered its rate by ₦25 to sell at ₦1,325 per litre. Rival suppliers including Ascon, Integrated, Pinnacle, and Sahara trimmed ₦24 to pitch their prices between ₦1,326 and ₦1,327 per litre, whilst MRS knocked ₦20 off to charge ₦1,332 per litre and Wosbab settled at ₦1,330 per litre.
Regional coastal depots reflected similar downward adjustments. Calabar posted the lowest regional rate following a ₦7 cut by Mainland to ₦1,320 per litre, alongside Alkanes at ₦1,325 per litre and Matrix holding at ₦1,330 per litre, though Sobaz pushed its price up marginally to ₦1,328 per litre.
In Port Harcourt, Stockgap dropped its petrol rate by ₦7 to ₦1,323 per litre, while Masters dropped ₦2 to hit ₦1,328 per litre. Warri saw mixed tariff changes, with Keonamex, Prudent, and Nepal making minor reductions to sell between ₦1,327 and ₦1,329 per litre, contrasted by slight increases from Matrix and Optima up to ₦1,330 per litre.
Wholesale diesel prices were also marked down across several maritime terminals. Lagos suppliers Chipet, Ascon, Duport, and Integrated trimmed diesel rates to ₦1,815 per litre, with other major operators pricing between ₦1,815 and ₦1,860 per litre. Port Harcourt witnessed a sharper drop as Masters reduced its diesel price by ₦35 to ₦1,900 per litre, while Matrix in Warri slashed its rate by ₦50 to ₦2,000 per litre.
Because international oil valuations directly dictate the pricing of both imported and domestically processed fuels, lower global crude figures have created room for local wholesale relief. As marketers restock at these lower depot figures, pump prices, which currently fluctuate between ₦1,370 and ₦1,450 per litre depending on freight expenses and retailer margins, may eventually follow suit, provided exchange rates and crude costs remain stable.