The Dangote Petroleum Refinery and other petroleum marketers have lowered the prices of Premium Motor Spirit, popularly known as petrol, at major depots in Lagos, Port Harcourt, Calabar and Warri.
The reductions followed a fall in international crude oil prices, according to the latest depot price report by Petroleumprice.ng.
Lagos recorded some of the largest price cuts, with several depot operators reducing their rates by between ₦20 and ₦25 per litre.
The Dangote Refinery reduced its petrol price from ₦1,350 to ₦1,325 per litre, representing a ₦25 decrease.
Ascon, Integrated, Pinnacle and Sahara also lowered their prices by ₦24 per litre, bringing their current rates to between ₦1,326 and ₦1,327 per litre.
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MRS reduced its price by ₦20 to ₦1,332 per litre, while Wosab’s current depot price stands at ₦1,330 per litre.
The latest adjustments came amid renewed movements in the global crude oil market.
Brent crude traded below $100 per barrel, while the United States benchmark, West Texas Intermediate, fell to $91.17 per barrel.
The decline in crude prices has continued to influence domestic petrol pricing, as petroleum marketers adjust their depot rates in response to changes in the international market.
The latest reductions could affect the prices at which petrol is supplied to filling stations, although pump prices may vary across different locations depending on transportation costs and other market factors.
