The Dangote Petroleum Refinery has reduced its ex-depot price of Premium Motor Spirit (petrol) by ₦1 per litre, even as diesel prices climbed across several petroleum depots, reflecting mixed movements in Nigeria’s downstream oil market.
The latest adjustment comes amid a sharp rise in global crude oil prices, raising concerns that the recent relief in petrol prices may be short-lived if international market trends persist.
According to the latest depot pricing data, Dangote Refinery lowered its petrol loading price to ₦1,075 per litre from ₦1,076 per litre as competition among marketers intensified.
Similarly, MRS Oil Nigeria Plc reduced its ex-depot petrol price by ₦2 per litre to ₦1,074, making it one of the cheapest suppliers in the Lagos market.
However, other major marketers, including NIPCO Plc, Sahara Energy, Aiteo Group and African Terminal, retained their previous prices, indicating relative stability in the petrol market.
Across Lagos depots, petrol prices remained within a narrow range of ₦1,074 to ₦1,075 per litre despite growing competition among suppliers.
In contrast, diesel prices recorded significant increases across several 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 increased their prices by ₦40 per litre to ₦1,450.
The trend was different in Port Harcourt, where Matrix Depot slashed its diesel price by ₦50 per litre from ₦1,550 to ₦1,500, while Sigmund reduced its price slightly from ₦1,463 to ₦1,460 per litre.
Petrol prices in Port Harcourt remained unchanged, with Matrix maintaining its ex-depot price at ₦1,100 per litre.
In Warri, Nepal and Optima reduced petrol prices by ₦2 per litre to ₦1,083, while Parker trimmed its price by ₦1 to ₦1,084. Matrix, Rain Oil, Prudent and A.Y.M. Shafa maintained their petrol prices at ₦1,085 per litre.
However, Prudent increased its diesel price sharply by ₦70 per litre, from ₦1,480 to ₦1,550, while A.Y.M. Shafa retained its price at ₦1,435 per litre.
In Calabar, Soroman maintained its petrol price at ₦1,100 per litre, while Fynfield increased its diesel price by ₦30 per litre to ₦1,480.
Meanwhile, the international oil market recorded one of its strongest rallies in recent weeks.
Global benchmark Brent crude surged by $5.43, or 7.32 per cent, to $79.59 per barrel, while West Texas Intermediate (WTI) rose by $4.78, or 6.79 per cent, to $75.22 per barrel.
The sharp rise in crude prices has heightened concerns that domestic fuel prices could come under fresh pressure if the upward trend in the global oil market continues.
