Fuel price: What refiners and depot owners may do next as crude oil drops

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Nigeria’s refiners and depot operators are facing renewed pressure to lower the gantry and ex-depot prices of Premium Motor Spirit, PMS, popularly known as petrol, following the decline in international crude oil prices.

ZINGTIE reports that Brent and West Texas Intermediate, WTI, crude blends dropped to $88.10 and $83.40 per barrel, respectively.

The fall in crude prices has increased pressure on the Dangote Refinery and depot operators to review their fuel prices downward after raising them last week.

ZINGTIE reports that between August 21 and 29, the Dangote Refinery increased its gantry petrol price by N100 to N1,265 per litre.

Likewise, depot operators including Soroman, Bono, Aiteo, Techno Oil, Optima and others raised their ex-depot petrol prices to between N1,200 and N1,215 per litre as of the time of filing this report.

At present, MRS, the Nigerian National Petroleum Company Limited, NNPCL and other filling stations across Abuja and its environs retail petrol at prices ranging from N1,230 to N1,275 per litre.

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