The Dangote Petroleum Refinery implemented a small reduction of 1 Naira per litre for its ex-depot petrol prices on Wednesday. This change occurs simultaneously with rising diesel costs at various depots throughout Lagos, highlighting the uneven price movements currently affecting the Nigerian downstream sector.
Global oil markets experienced a significant jump on Wednesday as Brent crude approached 80 dollars per barrel. This rally, driven by geopolitical concerns and supply constraints, saw Brent crude increase by 7.32 percent to 79.59 dollars, while West Texas Intermediate climbed 6.79 percent to 75.22 dollars. Such international volatility suggests potential upward pressure on domestic fuel prices.
In the local market, Dangote lowered its loading rate to 1,075 Naira per litre. MRS Oil Nigeria also cut its price by 2 Naira, settling at 1,074 Naira per litre to stay competitive. Other major players like NIPCO and Sahara Energy kept their prices unchanged, resulting in a stable wholesale range between 1,074 and 1,075 Naira for petrol in Lagos.
Conversely, diesel markets faced upward adjustments in Lagos. African Terminal, Duport, Ibachem, Ibeto, and T-Time all raised their rates by 40 Naira, bringing the price to 1,450 Naira per litre. However, Port Harcourt saw contrasting trends, as Matrix and Sigmund lowered their diesel prices to 1,500 and 1,460 Naira respectively.
Price fluctuations were also noted in other regions. In Warri, companies like Nepal and Optima reduced petrol prices slightly, while Prudent significantly increased its diesel price to 1,550 Naira per litre. Calabar remained relatively steady for petrol, though Fynfield raised its diesel rate by 30 Naira.
