Petrol depot prices drop, pump price cuts loom

By Udeme Akpan, Energy Editor
Petrol prices fell by as much as N24 per litre at major depots in Lagos on Tuesday, while other markets recorded smaller reductions, raising expectations that filling stations could begin cutting pump prices as they replenish their stocks.
The development came amid a decline in international crude oil prices, with Brent and West Texas Intermediate (WTI) falling, while the OPEC and Indian baskets recorded sharper losses.
The latest depot price intelligence also showed significant reductions in Automotive Gas Oil (AGO), otherwise known as diesel, which fell by as much as N50 per litre in Warri and N35 in Port Harcourt.
In Lagos, Ascon, Integrated and Sa...