Dangote effects another cut in petrol price
Diesel Prices Rise Amid Mixed Trends in Nigeria’s Fuel Market
By Udeme Akpan
LAGOS — The Dangote Petroleum Refinery announced on Wednesday a slight reduction in the ex-depot price of Premium Motor Spirit (PMS), commonly known as petrol, lowering it by 1 naira per litre. This adjustment comes as diesel prices have increased across various depots in Lagos, illustrating diverse dynamics in Nigeria’s downstream petroleum sector.
Global crude oil prices saw a significant uptick on Wednesday, with the international benchmark Brent crude approaching the $80 per barrel mark. The rise reflects renewed strength in the oil market amid rising geopolitical tensions and anticipated tighter supply.
Market data indicates that Brent crude rose by $5.43, or 7.32%, to $79.59 per barrel, while West Texas Intermediate (WTI) increased by $4.78, or 6.79%, reaching $75.22 per barrel. Analysts suggest that if crude oil prices continue to escalate, the cost of petroleum products may also rise.
According to the latest depot price report, Dangote reduced its petrol loading price to 1,075 naira per litre, down from 1,076 naira, joining a handful of marketers who have modestly lowered their prices in a competitive market. MRS Oil Nigeria also decreased its petrol depot price by 2 naira to 1,074 naira per litre, positioning itself as one of the lowest-cost suppliers in the Lagos area.
Conversely, several major marketers, including NIPCO, Sahara Energy, Aiteo, and African Terminal, retained their previous petrol prices, reflecting stability in the petrol segment despite the competitive landscape. In Lagos, depot prices for petrol remained stable, fluctuating slightly between 1,074 to 1,075 naira per litre.
Diesel, however, has seen widespread price increases among suppliers in Lagos. African Terminal raised its diesel price from 1,410 to 1,450 naira per litre. Similarly, Duport, Ibachem, Ibeto, and T-Time implemented increases of 40 naira per litre, adjusting their prices to 1,450 naira.
In contrast, the Port Harcourt market experienced a notable decline in diesel prices. Matrix Depot slashed its diesel price by 50 naira per litre, from 1,550 to 1,500 naira, offering some relief to industrial users and transport operators. Sigmund also reduced its diesel price by 3 naira to 1,460 naira per litre. Petrol prices in Port Harcourt remained stable, with Matrix holding its PMS price at 1,100 naira per litre.
In Warri, increased competition led to minor reductions in petrol prices, with Nepal and Optima each lowering their prices by 2 naira to 1,083 naira per litre and Parker decreasing its price by 1 naira to 1,084 naira. Other suppliers, including Matrix, Rain Oil, Prudent, and A.Y.M Shafa, maintained their prices at 1,085 naira per litre.
On the diesel front in Warri, Prudent implemented a significant price increase of 70 naira per litre, raising its price from 1,480 to 1,550 naira, while A.Y.M Shafa kept its diesel price at 1,435 naira per litre. In Calabar, Soroman held its PMS price steady at 1,100 naira per litre, while Fynfield increased its diesel price by 30 naira from 1,450 to 1,480 naira.