Competition among petroleum marketers and depot operators intensified on Tuesday as petrol and diesel prices declined across major depots in Lagos, Port Harcourt and Warri following a sharp drop in global crude oil prices. Brent crude fell below the $80 per barrel mark, while West Texas Intermediate (WTI), the OPEC basket and the Indian crude basket also recorded significant losses, creating room for lower refined petroleum product prices even as concerns remain over reduced oil revenue for exporting nations such as Nigeria.

In Lagos, the Dangote Petroleum Refinery maintained its ex-depot petrol price at ₦1,215 per litre, while Pinnacle and NIPCO retained theirs at ₦1,215 and ₦1,216 respectively. Ardova trimmed its price slightly to ₦1,216, while African Terminal and Integrated Depot raised theirs marginally to ₦1,217. Diesel prices were largely stable, although Emadeb reduced its Automotive Gas Oil price by ₦10 to ₦1,620 per litre, while Dangote increased its diesel price slightly to ₦1,651 per litre.

Price reductions were also recorded in Port Harcourt and Warri, with Matrix, NIPCO, A.Y.M. Shafa, Optima and Rainoil all lowering petrol and diesel prices. Meanwhile, MRS, which sources products directly from the Dangote Refinery, reduced its retail fuel  price from ₦1,280 to ₦1,245 per litre, while several other filling stations also adjusted pump prices to between ₦1,245 and ₦1,250 per litre. Industry observers believe the downward trend could trigger further reductions at filling stations if global crude oil prices remain weak and competition among marketers continues to intensify.