The Dangote Petroleum Refinery and other major marketers have reduced the price of Premium Motor Spirit (PMS), commonly known as petrol, across depots in Lagos, Port Harcourt, Calabar, and Warri.
The move follows a drop in international crude oil benchmarks.According to the latest depot price report from Petroleumprice.ng, Lagos recorded the sharpest cuts, with reductions ranging between N20 and N24 per litre.
Dangote Refinery lowered its price from N1,350 to N1,325 per litre, while Ascon, Integrated, Pinnacle, and Sahara adjusted theirs to around N1,326–N1,327 per litre. MRS reduced by N20 to N1,332, and Wosbab now sells at N1,330.
The adjustments came as Brent crude slipped below $100 per barrel, trading at $99.77, while West Texas Intermediate (WTI) fell to $91.17 per barrel.
In contrast, Murban crude rose to $114.20 per barrel, highlighting mixed movements in the global oil market.
Beyond Lagos, modest reductions were seen elsewhere:Port Harcourt: Masters cut by N2 to N1,328, Stockgap by N7 to N1,323.Calabar: Mainland dropped by N7 to N1,320, while Sobaz slightly increased to N1,328.Warri: Keonamex reduced by N3 to N1,327, while Matrix and Optima raised prices marginally.
Diesel (AGO) prices also fell in some regions. In Lagos, Chipet reduced by N15 to N1,815 per litre, while Port Harcourt saw sharper drops, with Masters cutting by N35 to N1,900.
Warri’s Matrix recorded a N50 reduction to N2,000.Analysts note that the softer Brent and WTI prices are beginning to filter into Nigeria’s downstream market, offering room for depot price cuts.
Retail pump prices, however, remain higher, ranging between N1,370 and N1,450, depending on location and transport costs.
The latest adjustments shows how global crude volatility continues to shape Nigeria’s fuel pricing, with further changes hinging on crude trends, foreign exchange rates, and refined product costs.
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