The Dangote Petroleum Refinery on Wednesday slashed ex-depot price of Premium Motor Spirit (PMS) by N1 per litre, amid uncertainty following the renewed escalation between the United States of America and Iran.
The US has in the last two days hit several targets in Iran in response of what it described as a violation of the ceasefire after the US accused the Islamic Republic of targeting a ship in the Straight of Morhuz.
The development which triggered slight surge in global crude oil prices on Wednesday, saw Brent crude climbing close to the $80 per barrel mark.
Latest market data showed that Brent crude rose by $5.43, or 7.32 per cent, to $79.59 per barrel, while West Texas Intermediate (WTI) gained $4.78, or 6.79 per cent, to $75.22 per barrel, showing that the prices of petroleum products could rise again if the crude oil prices continue to rise in the global market.
The latest mid-day depot price report showed that Dangote reduced its petrol loading price to N1.075 per litre from N1,076 per litre, joining a handful of marketers that lowered prices marginally to remain competitive.
Similarly, MRS Oil Nigeria reduced its petrol depot price by N2 per litre, to N1,074 per litre from N1,076 per lire, making it one of the cheapest suppliers in the Lagos market.
However, most other major marketers, including NIPCO, Sahara Energy, Aiteo and African Terminal, maintained their previous petrol prices, signalling relative stability in the petrol segment despite increasing competition among suppliers.
In Lagos, depot prices for petrol remained largely within a narrow band of N1,074 to N1,075 per litre, indicating a stable wholesale market despite fluctuations in international crude oil prices.
Unlike petrol, diesel, the market recorded widespread increases across Lagos depots.
African Terminal increased its diesel price from N1,410 to N1,450 per litre, while Duport, Ibachem, Ibeto and T-Time implemented similar N40 per litre increases to N1,450.
In contrast to Lagos, the Port Harcourt market witnessed a notable reduction in diesel prices.
Matrix Depot reduced its AGO price by N50 per litre, from N1,550 to N1,500, providing some relief to industrial users and transport operators.
Sigmund also adjusted its diesel price downward by N3 per litre, from N1,463 to N1,460.
Petrol prices in Port Harcourt, however, remained stable, with Matrix maintaining its PMS price at N1,100 per litre.
In Warri, competition also resulted in slight petrol price reductions. Nepal and Optima each reduced petrol prices by N2 per litre to N1,083, while Parker lowered its price by N1 to N1,084.
Other marketers, including Matrix, Rain Oil, Prudent and A.Y.M Shafa, maintained prices at N1,085 per litre.
On the diesel side, Prudent raised its diesel price sharply by N70 per litre, from N1,480 to N1,550, while A.Y.M Shafa maintained its diesel price at N1,435 per litre.
In Calabar, Soroman held its PMS price steady at N1,100 per litre, while Fynfield increased its diesel price by N30 per litre, from N1,450 to N1,480.
Daily Intel Newspaper/ Vanguard report
