Dealers effect petrol, diesel depot price cuts

Petrol and diesel prices at key depots across Nigeria have been slashed following a sharp decline in global crude oil prices, according to recent reports. The adjustments were observed in major cities such as Lagos, Port Harcourt, Warri, and Calabar, where petroleum dealers and depot operators are competing aggressively to attract customers. This comes amid a notable fall in international crude oil benchmarks, which has triggered concern over potential revenue implications for oil-producing nations, including Nigeria. Crude oil prices fell significantly on the international markets, with Brent crude dropping below the crucial $80 per barrel threshold. According to market data, Brent crude decreased by $4.68, or 5.59 percent, to $79.09 per barrel. Meanwhile, West Texas Intermediate (WTI) crude saw a decline of $4.79, or 5.96 percent, to $75.55 per barrel. The Organization of the Petroleum Exporting Countries (OPEC) basket experienced the largest drop, plummeting 10.04 percent to $79.50 per barrel after losing $8.87. Additionally, the Indian crude oil basket fell by 5.78 percent to $88.12 per barrel. In Nigeria's refined product market, the latest mid-day price report indicated that while some major suppliers kept their petrol prices steady, many independent depot operators reduced both petrol and diesel prices. This shift could potentially lead to lower retail pump prices if the trend continues. In Lagos, Dangote Petroleum Refinery maintained its ex-depot petrol price at N1,215 per litre, making it one of the most competitive suppliers in the region. Other major players like Pinnacle and Nipco also kept their PMS prices at N1,215 and N1,216 per litre respectively. Ardova adjusted its price downwards by N1 to N1,216 per litre. However, African Terminal and Integrated Depot increased their prices by N1 each to N1,217 per litre, while MRS kept its price at N1,218 per litre. On the diesel front, prices remained relatively stable in Lagos, though Emadeb reduced its AGO price by N10 to N1,620 per litre from N1,630. This slight decrease offered some respite to industrial users and transport operators. Conversely, Dangote increased its diesel price slightly by N1 to N1,651 per litre, while most other depots maintained prices within the range of N1,620 to N1,625 per litre. Port Harcourt saw similar trends, with Matrix lowering its petrol price by N2 to N1,220 per litre, and Liquid Bulk maintaining its price at N1,220 per litre. On the diesel side, Bulk Strategic cut its AGO price by N10 to N1,665 per litre, while Matrix reduced its price by N5 to N1,670 per litre. Warri experienced some of the most substantial reductions in petrol prices. Matrix reduced its PMS price by N7 to N1,221 per litre, while A.Y.M. Shafa lowered its price by N4 to N1,223 per litre. Optima and Rain Oil also cut petrol prices by N2 each to N1,225 per litre. Diesel prices in this oil hub also declined, with Matrix and A.Y.M. Shafa reducing prices by N10 each to N1,670 and N1,665 per litre respectively. Nipco made the biggest diesel adjustment in Warri, cutting its AGO price by N15 to N1,650 per litre, while Rain Oil and Zamson maintained N1,650 per litre. According to checks conducted by Vanguard, MRS, which sources directly from Dangote Petroleum Refinery, reduced its fuel price to N1,245 per litre from N1,280 per litre. Other oil marketers also adjusted their petrol prices from above N1,280 per litre down to between N1,245 per litre and N1,250 per litre in Lagos and surrounding areas.