Dangote Petroleum Refinery, yesterday, slashed the depot price of Premium Motor Spirit, also known as petrol, to N820 per litre from N838 per litre as competition heightens in Nigeria’s domestic market.
The adjustment was also due to the drop in crude oil prices to $70 per a barrel yesterday, from more than $77 per barrel in June 2025.
However, other operators also adjusted their depot prices at different rates in order to be competitive under the current circumstances.
According to petrolprice.com, the Dangote Petroleum Refinery made the highest adjustment while Fatgbems adjustment to N837 per litre from N838 per litre was the least.
Also, Integrated adjusted its depot price to N836 per litre from N837 per litre while Bovas adjusted to N836 per litre from N837 per litre.
AIPEC adjusted its depot price to N837 per litre from N840 per litre while First Royal adjusted to N838 per litre.
In an interview with newsmen, yesterday, a close watcher of the domestic market and Chief Executive Officer of Petrolprice.ng, Olatide Jeremiah, said: “We are seeing a lot of dynamics in the global and domestic market. With the ceasefire in the Israel-Iran conflict, crude oil prices have dropped to about $70 per barrel from more than $77 per barrel.
“Consequently, operators in the domestic market have adjusted accordingly. We look forward to seeing more adjustments in the coming weeks.”
Recently, the Dangote Refinery slashed the gantry price of petrol by 4.5 per cent to N840 per litre, from N880 per litre.
Report indicated that the reduction was based on the slide in crude oil price to $67.50 per barrel from more than $70 per barrel in the global market.
The global oil market and by extension petroleum prices have been unstable in the past few weeks, due mainly to the Israel-Iran conflict.
Recently, depot owners reduced the prices of petrol by five per cent when the price of Nigeria’s Bonny Light dropped to $68 per barrel from more than $80 per barrel in the global market.
VANGUARD
