The Dangote Petroleum Refinery and other petroleum marketers have reduced the prices of Premium Motor Spirit, commonly known as petrol, across major depots in Lagos, Port Harcourt, Calabar and Warri following a decline in international crude oil prices.
The latest depot price report by Petroleumprice.ng showed that the sharpest reductions were recorded in Lagos, where several operators lowered their petrol prices by between N20 and N24 per litre.
The price cuts came as Brent crude traded below $100 per barrel, while the United States benchmark, West Texas Intermediate, fell to $91.17 per barrel.
In Lagos, the Dangote Refinery cut its PMS price from N1,350 to N1,325 per litre, representing a N25 reduction.
Ascon, Integrated, Pinnacle and Sahara also reduced their prices by N24 per litre, bringing their depot prices to between N1,326 and N1,327 per litre.
MRS also reduced its petrol price by N20 to N1,332 per litre, while Wosbab’s current depot price stood at N1,330 per litre.
The latest price reductions came amid mixed movements in the international crude oil market.
According to Oilprice.com, Brent crude fell to $99.77 per barrel, while West Texas Intermediate (WTI) declined by $1.20, or 1.30 per cent, to $91.17 per barrel.
Brent crude had risen to $109 per barrel last week before retreating below the $100 mark.
