Dangote Petroleum Refinery has cut the price of Premium Motor Spirit by N25, nine days after raising its ex-gantry price by N85.
The refinery reduced its petrol prices from N1,350 to N1,325 per litre, according to the latest price update.
The latest reduction comes as international crude prices retreat. Brent crude was trading at $100.40 per barrel, down 3.34 percent, while West Texas Intermediate stood at $92.40, down 3.83 percent at the latest market update.
Dangote had raised its petrol price from N1,265 to N1,350 per litre on September 12, adding N85 to the cost of the product at the refinery.
The movement in crude prices follows renewed expectations of diplomatic engagement between the United States and Iran, easing some of the pressure on the international oil market.
Meanwhile, petrol prices at coastal depots have moved closer to Dangote’s new benchmark.
Sourced data from energy publication Petroleumprice.ng showed petrol selling at N1,330 per litre at monitored depots in Warri and Port Harcourt on Monday, while Calabar depots quoted N1,327.
Keonamex, Sharon and Prudent depots in Warri sold at N1,330 per litre, while Masters and TSL in Port Harcourt also quoted N1,330.
In Calabar, Alkanes, Mainland and Sobaz quoted N1,327 per litre.
Lagos prices remained higher, with Integrated and Ascon depots quoting N1,351 per litre.
The latest prices put most of the monitored coastal depots within N2 to N5 of Dangote’s new N1,325 ex-gantry price, while the Lagos market was N26 higher.
The narrowing gap comes after depot prices rose following Dangote’s N85 increase earlier this month, highlighting the close link between the refinery’s benchmark and wholesale petrol prices in the coastal market.
The direction of crude prices, alongside domestic supply and competition among refiners and marketers, will remain key to petrol pricing in the coming weeks.