Lagos, Nigeria – Dangote Petroleum Refinery has announced another reduction in its ex-depot price of Premium Motor Spirit (PMS), commonly known as petrol, lowering the price by ₦1 per litre to ₦1,075 per litre from ₦1,076 per litre.
The latest adjustment comes as competition among fuel suppliers continues, with MRS Oil Nigeria also reducing its depot price by ₦2 per litre to ₦1,074 per litre, making it one of the cheapest petrol suppliers in Lagos.
Most other marketers, including NIPCO, Sahara Energy, Aiteo, and African Terminal, retained their existing petrol prices, keeping the Lagos wholesale market relatively stable within the ₦1,074–₦1,075 per litre range.
Diesel Prices Increase Across Lagos
While petrol prices eased slightly, diesel (AGO) prices recorded significant increases across several Lagos depots:
* African Terminal: ₦1,410 → ₦1,450/litre
* Duport: ₦1,450/litre (up ₦40)
* Ibachem: ₦1,450/litre (up ₦40)
* Ibeto: ₦1,450/litre (up ₦40)
* T-Time: ₦1,450/litre (up ₦40)
Port Harcourt Records Diesel Price Cuts
Unlike Lagos, Port Harcourt saw lower diesel prices:
* Matrix Depot: ₦1,550 → ₦1,500/litre (down ₦50)
* Sigmund: ₦1,463 → ₦1,460/litre (down ₦3)
Petrol prices in Port Harcourt remained unchanged, with Matrix Depot maintaining its PMS price at ₦1,100 per litre.
Warri and Calabar Update
In Warri, competition led to slight reductions in petrol prices:
* Nepal: ₦1,085 → ₦1,083/litre
* Optima: ₦1,085 → ₦1,083/litre
* Parker: ₦1,085 → ₦1,084/litre
Other marketers, including Matrix, Rain Oil, Prudent, and A.Y.M Shafa, kept prices at ₦1,085 per litre.
For diesel:
* Prudent: ₦1,480 → ₦1,550/litre (up ₦70)
* A.Y.M Shafa: Maintained ₦1,435/litre
In Calabar:
* Soroman maintained its petrol price at ₦1,100/litre.
* Fynfield increased its diesel price from ₦1,450 to ₦1,480/litre.
Global Oil Prices Surge
Meanwhile, global crude oil prices climbed sharply on Wednesday amid renewed geopolitical tensions and expectations of tighter supply:
* Brent crude: $79.59 per barrel, up 7.32%
* West Texas Intermediate (WTI): $75.22 per barrel, up 6.79%
The rise in crude prices could put upward pressure on the cost of refined petroleum products if the trend persists, potentially limiting further reductions in petrol prices in Nigeria.