By Eyo Nsima Udeme
The prices of Premium Motor Spirit (PMS), popularly known as petrol, have declined across several Nigerian depots, with Dangote Refinery and major petroleum marketers reducing their rates despite an increase in international crude oil prices.
A mid-day petroleum products price report for Friday, November 13, 2026, showed that Dangote Refinery reduced its petrol price by N15 to N1,175 per litre from N1,190.
NIPCO recorded the biggest reduction in Lagos, cutting its price by N35 to N1,185 per litre from N1,220. African Terminal and Ascon reduced their rates by N20 each to N1,185, while Aiteo and Integrated lowered theirs to N1,190 per litre.
WOSBAB also reduced its price by N25 to N1,185, while Pinnacle increased its rate by N5 to N1,205 per litre.
In Calabar, Alkanes and Sobaz cut their prices by N20 each to N1,220 per litre, while Nepal reduced its rate by N2 to N1,240.
In Warri, Matrix recorded a N30 reduction to N1,230 per litre, while Nepal lowered its price by N2 to N1,240. A.Y.M Shafa and Parker retained their rates at N1,242 per litre.
The reductions came as international crude oil prices moved in the opposite direction. Brent crude futures rose by 0.99 per cent to $96.77 per barrel, while US West Texas Intermediate increased by 0.44 per cent to $89.13.
Similarly, Murban crude gained 1.66 per cent to $93.47 per barrel, while the OPEC basket advanced by 1.16 per cent to $87.79.
The contrasting movements indicate that domestic petroleum product prices are influenced by other factors beyond international crude oil benchmarks, including product supply, depot inventories, competition among marketers, exchange rates and distribution costs.
The latest reductions could provide some relief to independent marketers and create room for lower retail petrol prices, provided filling stations pass on the savings to consumers.
Meanwhile, diesel prices also declined in Warri. Edo Refinery reduced its Automotive Gas Oil (AGO) price by N30 to N1,730 per litre, while Matrix and Rain Oil cut their rates by N25 each to the same level. NIPCO reduced its price by N20 to N1,735 per litre.
The diesel price adjustments could ease operating costs for manufacturers, transporters and businesses that rely on diesel-powered generators for electricity.
