The Dangote Petroleum Refinery and other petroleum marketers have reduced the prices of Premium Motor Spirit (PMS), popularly known as petrol, at major depots following a decline in international crude oil prices.

The price reductions were recorded in Lagos, Port Harcourt, Calabar and Warri, with the sharpest adjustments reported in Lagos.

In Lagos, Dangote Refinery reduced its petrol depot price from N1,350 to N1,325 per litre, representing a N25 reduction.

Ascon, Integrated, Pinnacle and Sahara also cut their prices by N24 per litre, bringing their products to between N1,326 and N1,327 per litre.

MRS reduced its price by N20 to N1,332 per litre, while Wosbab was listed at N1,330 per litre.

The reductions followed a decline in international crude oil prices, with Brent crude trading below $100 per barrel.

According to market data cited in the report, Brent crude fell to $99.77 per barrel, while West Texas Intermediate declined by $1.20, or 1.30 per cent, to $91.17 per barrel.

The movement in global crude prices has implications for Nigeria’s downstream petroleum market, as international oil prices influence the cost of refined products and the pricing of locally refined petrol.

Outside Lagos, price reductions were also recorded in other major markets.

In Port Harcourt, Masters reduced its petrol price by N2 to N1,328 per litre, while Stockgap cut its price by N7 to N1,323. Bulk Strategic and Sigmund sold at N1,328, while Matrix retained its price at N1,330 per litre.

In Calabar, Mainland recorded the lowest price among the locations covered, reducing its PMS price by N7 to N1,320 per litre.

Alkanes also reduced its price by N2 to N1,325, while Matrix retained N1,330. Sobaz, however, increased its price marginally by N1 to N1,328 per litre.

Warri also recorded mixed movements, although most of the adjustments were downward.

Keonamex reduced its petrol price by N3 to N1,327 per litre, while Nepal and Prudent cut their prices by N1 and N2 to N1,329 and N1,328, respectively.

Matrix and Optima, however, increased their prices by N3 and N1, respectively, taking them to N1,330 and N1,328 per litre.

The report also showed a decline in diesel prices in some locations.

In Lagos, Chipet reduced its Automotive Gas Oil (AGO) price by N15 to N1,815 per litre, while Ascon, Duport and Integrated each cut their prices by N5 to the same level.

Ibachem, Ibeto, Dangote, Obat and Pinnacle offered diesel at prices ranging between N1,815 and N1,860 per litre.

In Port Harcourt, Masters reduced its AGO price by N35 to N1,900 per litre, while in Warri, Matrix cut its price by N50 to N2,000.

Prudent and Rain Oil also reduced their diesel prices by N10 to N1,940 per litre.

The latest adjustments come amid continued volatility in the international oil market, with crude benchmarks responding to developments affecting global supply and demand.

The downward movement in Brent and WTI prices has provided room for some domestic petroleum marketers and refiners to adjust their wholesale prices.

However, the extent to which the reductions will translate into lower pump prices will depend on subsequent movements in crude oil prices, foreign exchange rates, logistics costs and individual marketers’ margins.

Petrol was reported to be selling between N1,370 and N1,450 per litre in different locations.

The latest depot price reductions could therefore lead to further adjustments in retail petrol prices as marketers replenish their stocks at lower wholesale rates.