Dangote Cuts Petrol Price By ₦1 As Diesel Rises In Lagos

Dangote Petroleum Refinery on Wednesday reduced its ex-depot price of Premium Motor Spirit, popularly known as petrol, by ₦1 per litre, even as diesel prices rose across several petroleum depots in Lagos.

Naija News reports that the development reflected mixed trends in Nigeria’s downstream petroleum market, with petrol prices showing slight reductions in some locations, while diesel prices increased.

The adjustment came as global crude oil prices rose sharply on Wednesday, with Brent crude climbing close to the $80 per barrel mark amid renewed supply concerns and geopolitical tensions.

Market data showed that Brent crude rose by $5.43, or 7.32 per cent, to $79.59 per barrel, while West Texas Intermediate gained $4.78, or 6.79 per cent, to $75.22 per barrel.

The rise in crude prices has raised concerns that petroleum product prices could increase again if the upward trend continues in the international market.

Dangote, MRS Reduce Petrol Prices

The latest mid-day depot price report showed that Dangote reduced its petrol loading price from ₦1,076 to ₦1,075 per litre.

MRS Oil Nigeria also cut its petrol depot price by ₦2 per litre, from ₦1,076 to ₦1,074 per litre, making it one of the cheapest suppliers in the Lagos market.

However, major marketers including NIPCO, Sahara Energy, Aiteo and African Terminal retained their previous petrol prices.

In Lagos, petrol depot prices remained largely within a narrow band of ₦1,074 to ₦1,075 per litre, indicating relative stability in the wholesale market despite fluctuations in global crude oil prices.

Unlike petrol, diesel recorded widespread increases across depots in Lagos.

African Terminal raised its diesel price from ₦1,410 to ₦1,450 per litre, while Duport, Ibachem, Ibeto and T-Time also implemented ₦40 per litre increases, moving their prices to ₦1,450 per litre.

Port Harcourt Records Diesel Price Drop

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

Matrix Depot reduced its Automotive Gas Oil price by ₦50 per litre, from ₦1,550 to ₦1,500, offering some relief to industrial users and transport operators.

Sigmund also reduced its diesel price by ₦3 per litre, from ₦1,463 to ₦1,460.

Petrol prices in Port Harcourt remained stable, with Matrix maintaining its PMS price at ₦1,100 per litre.

In Warri, competition among marketers led to slight reductions in petrol prices. Nepal and Optima each reduced petrol prices by ₦2 per litre to ₦1,083, while Parker lowered its price by ₦1 to ₦1,084.

Other marketers, including Matrix, Rain Oil, Prudent and A.Y.M Shafa, maintained their petrol prices at ₦1,085 per litre.

On the diesel side, Prudent raised its price sharply by ₦70 per litre, from ₦1,480 to ₦1,550, while A.Y.M Shafa maintained its diesel price at ₦1,435 per litre.

In Calabar, Soroman kept its petrol price unchanged at ₦1,100 per litre, while Fynfield increased its diesel price by ₦30 per litre, from ₦1,450 to ₦1,480.