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Price of petrol drops by 4.5% as crude oil falls to $67.50 per barrel
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Other depots follow with minor cuts ranging from N2 to N20 per litre
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Global oil volatility tied to Israel-Iran tension continues to impact pricing
The Dangote Petroleum Refinery has reduced its gantry price of Premium Motor Spirit (PMS), popularly known as petrol, from N880 to N840 per litre, representing a 4.5% cut.
The price slash, according to checks by Vanguard, follows the recent fall in the global crude oil market, where prices dipped to $67.50 per barrel, down from over $70 per barrel.
Reacting to the trend, several other petroleum marketers have also adjusted their depot prices. MENJ dropped its price to N860 per litre, a 2.27% reduction from N880. MAO and Mainland now sell at N860 and N890 per litre, down from N910 and N900 respectively.
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Data from petrolprice.ng shows that Rainoil (Lagos) trimmed its depot rate to N872 per litre from N875, while A.Y.M Shafa adjusted its price to N880, down from N887.
This latest price movement comes amid weeks of volatile global oil prices influenced largely by geopolitical tensions, particularly the Israel-Iran conflict, which has disrupted supply forecasts.
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Recall that a similar round of price reductions occurred recently when Nigeria’s Bonny Light crude dropped to $68 per barrel from over $80, prompting a 5% reduction at some depots.
However, oil prices had previously surged close to $90 per barrel, driven by fears of further instability and supply threats from the Middle East.
Despite the price cuts, uncertainty continues to cloud fuel pricing in Nigeria, with marketers closely monitoring international trends.
