Petrol prices fall by 81.67 naira in Lagos
By the AFREEQUE newsroom, based on P.M. News and Daily Post
In Lagos, the average depot price of petrol fell by 81.67 naira per litre between 26 and 30 October to 1,258.33 naira, while diesel prices dropped by 80 naira to 1,808.75 naira, according to PetroleumPriceNG, cited by P.M. News. Daily Post reports that Dangote then cut its wholesale petrol price from 1,250 to 1,215 naira per litre; this reduction could be passed on at the pump from Monday.
In Lagos, the average depot price of petrol fell by 81.67 naira per litre between 26 and 30 October, while diesel prices dropped by 80 naira, according to PetroleumPriceNG, cited by P.M. News. The reductions recorded in the city were the largest among those observed in Lagos, Warri, Port Harcourt and Calabar.
A 55-naira cut by distributors linked to the Dangote refinery brought their depot selling price down to 1,210 naira per litre on Friday. African Terminal and Ardova lowered their price from 1,340 to 1,260 naira, while Aiteo cut its price by 85 naira to 1,255. The average petrol price in Lagos stood at 1,258.33 naira per litre. For diesel, Rain Oil and Wosbab cut their prices by 95 naira to 1,805 naira per litre. Integrated, African Terminal, Gulf Treasure and Duport reduced theirs by 90 naira to 1,810 naira. The average diesel price in Lagos reached 1,808.75 naira per litre.
In Warri, average depot petrol prices fell by 52.33 naira per litre. Matrix and Parker sold the fuel for 1,300 naira, as did Prudent after a 55-naira cut. Diesel was offered at 1,840 naira by Matrix and 1,850 naira by Prudent.
Daily Post reports a separate new cut in the wholesale price set by Dangote: the refinery lowered it by 35 naira, from 1,250 to 1,215 naira per litre. Olatide Jeremiah, managing director of PetroleumPriceNG, confirmed this price set by the consortium’s distributors. Soroman, Aiteo and Masters depots were then selling petrol for between 1,255 and 1,300 naira per litre, according to Jeremiah. Service stations displayed retail prices of 1,370 to 1,429 naira, and the reduction could be passed on at the pump from Monday. Abubakar Maigandi, president of the Independent Petroleum Marketers Association of Nigeria, said the measure would benefit consumers.
