Petrol prices drop as more filling stations slash pump rates

Several filling stations across Nigeria have begun lowering the pump price of Premium Motor Spirit (PMS), commonly known as petrol, as marketers respond to competitive market conditions and seek to attract more customers.

A survey conducted in Abuja and surrounding areas on Thursday revealed that stations such as Emedab, Rainoil, Empire Energy, Total, and AA Rano have adjusted their petrol prices downward, now selling between N1,330 and N1,350 per litre.

The new rates represent reductions of between N10 and N30 per litre from previous prices that exceeded N1,360.

The latest price adjustments follow similar reductions announced last week by outlets operated by MRS, NNPC Retail, NIPCO, and other marketers, which lowered their pump prices to a range of N1,317 to N1,335 per litre.

Industry observers attribute the downward trend to recent price cuts introduced by Dangote Refinery at the gantry level, a move that has continued to influence retail fuel pricing nationwide.

Commenting on the development, the spokesperson for the Independent Petroleum Marketers Association of Nigeria (IPMAN), Chinedu Ukadike, stated that fuel prices are likely to remain unstable due to ongoing geopolitical tensions involving Iran, the United States, and Israel.

As of the time of reporting, Brent crude was trading at $92.02 per barrel, while West Texas Intermediate (WTI) crude stood at $89.11 per barrel, factors that continue to shape global and domestic fuel pricing trends.