Following a decline in international crude oil prices, the Dangote Petroleum Refinery and other petroleum marketers have slashed the prices of Premium Motor Spirit (petrol) across major depots in Lagos, Port Harcourt, Calabar and Warri.
The biggest adjustments were recorded in Lagos, where several operators cut their petrol prices by between N20 and N24 per litre.
The reductions came as Brent crude traded below $100 per barrel, while the United States benchmark, West Texas Intermediate, also declined to $91.17 per barrel.
In Lagos, the Dangote Refinery reduced its PMS price from N1,350 to N1,325 per litre, representing a N25 reduction. Ascon, Integrated, Pinnacle and Sahara also cut their prices by N24, with their products now selling between N1,326 and N1,327 per litre.
MRS reduced its petrol price by N20 to N1,332 per litre, while Wosbab recorded a current price of N1,330.
The latest reductions followed a mixed movement in the international crude market.
According to Oilprice.com, Brent crude fell to $99.77 per barrel, while WTI dropped by $1.20, or 1.30 per cent, to $91.17 per barrel. Recall that Brent hit $109 last week.
