Petrol prices are beginning to ease in parts of Nigeria as lower depot prices push some oil marketers to reduce their pump rates.
MRS has reportedly cut its petrol price in Lagos and surrounding areas by N20 per litre, bringing it down from N1,370 to N1,350.
Some independent marketers have also adjusted their prices, with petrol now selling for around N1,360 per litre at some filling stations, compared with prices above N1,380 previously.
The reduction comes as wholesale petrol prices continue to fall. Recent depot data showed PMS selling for as low as N1,303 per litre in Port Harcourt.
The movement has also come amid a decline in international crude oil prices. Brent crude dropped by $2.28, or 2.14 per cent, from $106.58 to $104.30 per barrel, while West Texas Intermediate fell by $1.79, or 1.89 per cent, from $94.61 to $92.82.
Refined products also recorded declines, with gasoline falling by 4.31 per cent to $3.411, while natural gas dropped 3.46 per cent to $3.183.
Depot prices across major markets
The latest figures showed that Bulk Strategic, Masters, Sigmund and T.S.L depots in Port Harcourt recorded the lowest monitored PMS price at N1,303 per litre.
In Lagos, several depots, including A.A Rano, AIPEC, Bovas, Dangote, Emadeb, Sahara and Wosbab, were listed at N1,325 per litre.
Average petrol prices stood at N1,326 per litre in Lagos, N1,318 in Calabar, N1,315 in Warri and N1,303 in Port Harcourt.
With MRS selling at N1,350 per litre in Lagos, its retail price is N25 higher than the N1,325 depot rate recorded in the city.
The difference between MRS’s Lagos pump price and the lowest depot price recorded in Port Harcourt is N47 per litre.
Diesel prices remain high
While petrol prices are showing signs of easing, diesel prices remain significantly higher across the monitored markets.
Automotive Gas Oil (AGO), commonly known as diesel, ranged between N1,790 and N1,900 per litre.
Some Lagos depots, including Duport, Ibachem, Integrated and MENJ, recorded the lowest diesel price at N1,790 per litre. In Port Harcourt, Bulk Strategic was listed at N1,890 per litre.
The average diesel price was N1,895 per litre in Port Harcourt, N1,888 in Warri and N1,823 in Calabar.
LPG prices also vary
The average price of Liquefied Petroleum Gas (LPG) was put at N1,125 per kilogramme in Port Harcourt and N1,020 in Warri.
The latest market figures indicate that the decline in petrol depot prices is gradually being reflected in pump prices, although the extent of the reduction continues to vary from one location to another.
