The Dangote Petroleum Refinery and other petroleum marketers have reduced the prices of Premium Motor Spirit (petrol) across major depots in Lagos, Port Harcourt, Calabar and Warri, following a decline in international crude oil prices.
The reductions were recorded in the latest depot price report published by Petroleum price body with the biggest adjustments seen in Lagos, where several operators cut their petrol prices by between N20 and N24 per litre.
The reductions came as Brent crude traded below $100 per barrel, while the United States benchmark, West Texas Intermediate, also declined to $91.17 per barrel,In Lagos, the Dangote Refinery reduced its PMS price from N1,350 to N1,325 per litre, representing a N25 reduction.
Brent crude fell to $99.77 per barrel, while WTI dropped by $1.20, or 1.30 per cent, to $91.17 per barrel,Recall that Brent hit $109 last week,However, Murban crude moved in the opposite direction, gaining $4.18, or 3.80 per cent, to $114.20 per barrel.
