Dangote Refinery, Marketers Cut Petrol Prices Across Lagos, Warri, and Key Hubs

Post created on 3:13 pm

Dangote Petroleum Refinery and major petroleum marketers have reduced the wholesale price of Premium Motor Spirit (PMS) across primary distribution depots in Lagos, Port Harcourt, Calabar, and Warri, following a recent decline in global crude oil benchmarks.

The price adjustments were confirmed in the latest depot monitoring report published by Petroleumprice.ng, showing the most significant cuts in Lagos, where several depot operators slashed petrol prices by ₦20 to ₦24 per liter.

The domestic price drop aligns with shifts in the international crude oil market, where Brent crude dropped to $99.77 per barrel, down from a high of $109 per barrel last week. Similarly, the United States benchmark, West Texas Intermediate (WTI), fell by 1.30 percent to settle at $91.17 per barrel.

Energy analysts attribute the local price reductions to lower landing costs for crude feedstocks, enabling domestic refiners and bulk distributors to pass cost savings down the supply chain to downstream retailers and consumers across Nigeria.