Petrol prices are dropping across major Nigerian markets as crude oil prices fall globally. The Dangote Petroleum Refinery and other marketers have reduced their pump supply prices in Lagos, Port Harcourt, Calabar and Warri. The biggest cuts came in Lagos, where several operators reduced prices by up to N25 per litre.
The Dangote Refinery reduced its petrol price from N1,350 to N1,325 per litre. That means motorists now save N25 on every litre bought at the depot.
Meanwhile, Ascon, Integrated, Pinnacle and Sahara cut their prices by N24. Their products now sell between N1,326 and N1,327 per litre. MRS also reduced its price by N20 to N1,332.
Elsewhere, Wosbab currently sells petrol at N1,330 per litre. The latest cuts come as crude oil prices continue to slide in the international market.
According to Oilprice.com, Brent crude dropped to $99.77 per barrel. At the same time, West Texas Intermediate (WTI) fell by $1.20, or 1.30 per cent, to $91.17 per barrel.
The development follows a sharp rise in crude prices last week. Brent crude had climbed to $109 per barrel before the recent decline. For Nigerian motorists, lower depot prices could bring some relief if the reductions reach filling stations. However, pump prices may still vary across locations and marketers.
