Crude Decline Triggers Petrol Price Cuts Across Major Depots

The Dangote Petroleum Refinery and other petroleum marketers have reduced petrol prices across major depots in Lagos, Port Harcourt, Calabar, and Warri. This move comes after a decline in international crude oil prices.

Brent crude traded below $100 per barrel, while the United States benchmark, West Texas Intermediate, dropped to $91.17 per barrel. The Dangote Refinery reduced its PMS price from N1,350 to N1,325 per litre, a decrease of N25. Several other operators also cut their prices by between N20 and N24 per litre.

The reductions were recorded in the latest depot price report published by Petroleumprice.ng. The movement in crude prices is significant for Nigeria's downstream petroleum market because international oil prices influence the cost of imported refined products and the pricing of locally refined petroleum products.