Petrol Prices Fall as Crude Oil Drops Below $100 Per Barrel
The prices of petrol have been reduced across major depots in Lagos, Port Harcourt, Calabar, and Warri following a decline in international crude oil prices.
The Dangote Petroleum Refinery cut its Premium Motor Spirit (PMS) price from N1,350 to N1,325 per litre, while other petroleum marketers also reduced their prices by between N20 and N24 per litre.
In Lagos, Ascon, Integrated, Pinnacle, and Sahara each cut their petrol prices by N24, with their products now selling for 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 reductions came as Brent crude traded below $100 per barrel, with the United States benchmark, West Texas Intermediate, also declining to $91.17 per barrel.