Dangote Petroleum Refinery on Wednesday reduced its ex-depot price of Premium Motor Spirit, known as petrol, by N1 per litre.

The price cut came even as diesel prices climbed across several petroleum depots in Lagos, reflecting mixed trends in Nigeria’s downstream petroleum market.

Meanwhile, global crude oil prices surged sharply on Wednesday, with international benchmark Brent crude climbing close to the 80 dollars per barrel mark.

The rally signalled renewed strength in the oil market amid heightened geopolitical tensions and expectations of tighter supply.

Latest market data showed that Brent crude rose by 5.43 dollars, or 7.32 per cent, to 79.59 dollars per barrel.

West Texas Intermediate gained 4.78 dollars, or 6.79 per cent, to 75.22 dollars per barrel, indicating that petroleum product prices could rise again if crude oil prices continue climbing in the global market.

Vanguard reported that the latest mid-day depot price report showed that Dangote reduced its petrol loading price to N1,075 per litre from N1,076 per litre, joining a handful of marketers that lowered prices marginally to remain competitive.

MRS Oil Nigeria reduced its petrol depot price by N2 per litre, to N1,074 per litre from N1,076 per litre, making it one of the cheapest suppliers in the Lagos market.

Most other major marketers, including NIPCO, Sahara Energy, Aiteo and African Terminal, maintained their previous petrol prices, signalling relative stability in the petrol segment despite increasing competition among suppliers.

In Lagos, depot prices for petrol remained largely within a narrow band of N1,074 to N1,075 per litre, indicating a stable wholesale market despite fluctuations in international crude oil prices.

Unlike petrol, the diesel market recorded widespread increases across Lagos depots.

African Terminal increased its diesel price from N1,410 to N1,450 per litre.

Duport, Ibachem, Ibeto and T-Time implemented similar increases of N40 per litre, bringing their diesel prices to N1,450 per litre.

In contrast to Lagos, the Port Harcourt market witnessed a notable reduction in diesel prices.

Matrix Depot reduced its Automotive Gas Oil price by N50 per litre, from N1,550 to N1,500, providing some relief to industrial users and transport operators.

Sigmund also adjusted its diesel price downward by N3 per litre, from N1,463 to N1,460.

Petrol prices in Port Harcourt remained stable, with Matrix maintaining its petrol price at N1,100 per litre.

In Warri, competition also resulted in slight petrol price reductions.

Nepal and Optima each reduced petrol prices by N2 per litre to N1,083 per litre.

Parker lowered its petrol price by N1 to N1,084 per litre.

Other marketers, including Matrix, Rain Oil, Prudent and A.Y.M Shafa, maintained prices at N1,085 per litre.

On the diesel side, Prudent raised its diesel price sharply by N70 per litre, from N1,480 to N1,550.

A.Y.M Shafa maintained its diesel price at N1,435 per litre.

In Calabar, Soroman held its petrol price steady at N1,100 per litre.

Fynfield increased its diesel price by N30 per litre, from N1,450 to N1,480 per litre.

Note: The source report contained no direct quoted statements, so none required verbatim preservation.