The Dangote Petroleum Refinery has reduced its ex-gantry price of Premium Motor Spirit, popularly known as petrol, by ₦25 per litre, barely nine days after raising it by ₦85.
The refinery lowered the price from ₦1,350 to ₦1,325 per litre in its latest price adjustment.
The reduction comes amid a decline in international crude oil prices, with Brent crude trading at $100.40 per barrel, down 3.34 per cent, while West Texas Intermediate stood at $92.40, down 3.83 per cent at the latest market update.
The latest adjustment follows Dangote’s September 12 decision to increase its petrol price from ₦1,265 to ₦1,350 per litre.
The ₦85 increase had pushed up prices at several coastal depots as marketers adjusted their wholesale rates to reflect the new refinery benchmark.
The subsequent decline in crude prices has now given the refinery room to reduce its ex-gantry price.
The movement in the international oil market has also been linked to renewed expectations of diplomatic engagement between the United States and Iran, easing some pressure on crude prices.
According to BusinessDay, petrol prices at several coastal depots have moved closer to Dangote’s latest benchmark.
Data obtained from energy publication Petroleumprice.ng showed that monitored depots in Warri and Port Harcourt were selling petrol at about ₦1,330 per litre on Monday, while some Calabar depots quoted ₦1,327.
In Warri, Keonamex, Sharon and Prudent depots sold the product at ₦1,330 per litre. Masters and TSL depots in Port Harcourt also quoted N1,330.
Alkanes, Mainland and Sobaz depots in Calabar sold at ₦1,327 per litre. However, prices in Lagos remained higher, with Integrated and Ascon depots quoting ₦1,351 per litre.
With the latest adjustment, most monitored coastal depots are now between ₦2 and ₦5 above Dangote’s ₦1,325 ex-gantry price, while Lagos depots are about ₦26 higher.
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