The Dangote Petroleum Refinery and other petroleum marketers have reduced petrol prices at major depots in Lagos, Port Harcourt, Calabar and Warri following a drop in international crude oil prices.
The latest depot price report published by Petroleumprice.ng showed that the biggest reductions were recorded in Lagos, where some operators cut their prices by between N20 and N25 per litre.
The price adjustments came as Brent crude traded below $100 per barrel, while West Texas Intermediate, the United States benchmark, fell to $91.17 per barrel.
In Lagos, the Dangote Refinery reduced the depot price of Premium Motor Spirit from N1,350 to N1,325 per litre, representing a N25 reduction.
Ascon, Integrated, Pinnacle and Sahara also lowered their prices by N24 per litre, with petrol from the companies now selling between N1,326 and N1,327 per litre.
The latest reductions come amid renewed movements in global crude oil prices, which directly affect the cost of imported and locally refined petroleum products.
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Marketers are expected to adjust pump prices based on their depot purchase costs, transportation expenses and other operating costs.
