The reductions were recorded in the latest depot price report published by Petroleumprice.ng, with the biggest adjustments seen in Lagos, where several operators cut their petrol prices by between N20 and N24 per litre.
The reductions came as Brent crude traded below $100 per barrel, while the United States benchmark, West Texas Intermediate, also declined to $91.17 per barrel.
In Lagos, the Dangote Refinery reduced its PMS price from N1,350 to N1,325 per litre, representing a N25 reduction. Ascon, Integrated, Pinnacle and Sahara also cut their prices by N24, with their products now selling 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 latest reductions followed a mixed movement in the international crude market.
According to Oilprice.com, Brent crude fell to $99.77 per barrel, while WTI dropped by $1.20, or 1.30 per cent, to $91.17 per barrel. Recall that Brent hit $109 last week.
However, Murban crude moved in the opposite direction, gaining $4.18, or 3.80 per cent, to $114.20 per barrel.
The movement in crude prices is significant for Nigeria’s downstream petroleum market because international oil prices influence the cost of imported refined products and the pricing of locally refined petroleum products.
The softer Brent and WTI prices provided room for downward adjustments in depot prices.
The decline in petrol prices was also recorded outside Lagos. In Port Harcourt, Masters reduced its PMS price by N2 to N1,328 per litre, while Stockgap recorded a N7 reduction to N1,323. Bulk Strategic and Sigmund listed petrol at N1,328, while Matrix retained its price at N1,330.
In Calabar, Mainland recorded the lowest petrol price among the locations covered, reducing its rate by N7 to N1,320 per litre.
Alkanes cut its price by N2 to N1,325, while Matrix maintained N1,330. Sobaz, however, increased its price marginally by N1 to N1,328. In Warri, mixed movements were also recorded, although most of the changes were downward.
Keonamex reduced its PMS price by N3 to N1,327, while Nepal and Prudent cut their prices by N1 and N2, respectively, to N1,329 and N1,328. Matrix and Optima, however, increased their petrol prices by N3 and N1, respectively, taking them to N1,330 and N1,328.
On the automotive gas oil market, commonly known as diesel, prices also declined in some locations. In Lagos, Chipet reduced its AGO price by N15 to N1,815 per litre, while Ascon, Duport and Integrated each cut their prices by N5 to the same level.
Ibachem, Ibeto, Dangote, Obat and Pinnacle offered diesel prices at between N1,815 and N1,860 per litre. Port Harcourt recorded a sharper movement in diesel prices, with Masters reducing its AGO price by N35 to N1,900 per litre.
In Warri, Matrix cut its AGO price by N50 to N2,000 per litre, while Prudent and Rain Oil reduced theirs by N10 to N1,940.
The latest depot price movements come amid continued volatility in the international oil market, with crude benchmarks responding differently to developments affecting global supply and demand.
Natural gas prices also moved higher, gaining 2.96 per cent to $2.92, according to the market data.
The latest PMS adjustments suggest that the recent decline in crude prices is beginning to filter into the domestic wholesale market, although the extent of further reductions will depend on movements in crude prices, foreign exchange and the cost of refined petroleum products.
The lower depot prices could also influence retail petrol prices as marketers replenish their stocks at the reduced rates, although pump prices vary according to location, transportation costs and individual marketers’ margins. Petrol now trades between N1,370 and N1,450, depending on the location.
