Petrol Price Reduction: More Filling Stations Cut Rates to Attract Customers

|By Adekunle Adejumo and Awaji-Ichiem- Petrol price reduction is gathering pace across Nigeria as more filling stations slash pump prices to attract motorists and remain competitive.

A market survey conducted in Abuja on Thursday showed that several marketers, including Emedab, Rainoil, Empire Energy, Total, and AA Rano, have reduced petrol prices to between N1,330 and N1,350 per litre. Previously, many of the stations sold the product for more than N1,360 per litre.

The latest petrol price reduction follows similar cuts by MRS, NNPC, NIPCO and other retail outlets, which lowered prices to between N1,317 and N1,335 per litre last week.

Industry observers link the development to recent price adjustments by the Dangote Refinery. After the refinery reduced its gantry price, marketers responded by lowering retail prices to attract more customers.

Meanwhile, the spokesperson of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Chinedu Ukadike, said petrol prices could continue to fluctuate. He noted that tensions involving Iran, the United States and Israel remain a major factor influencing global oil market trends.

However, crude oil prices showed signs of easing. Brent crude traded at $92.02 per barrel, while West Texas Intermediate stood at $89.11 per barrel at the time of reporting.

As competition intensifies among marketers, consumers are expected to benefit from further petrol price reduction across the country.