Most filling stations across Nigeria have yet to lower their premium motor spirit (PMS) pump prices despite the recent decline in global crude oil prices and the reduction in Dangote Refinery’s ex-depot petrol price.
A market survey conducted in Abuja on Thursday showed that petrol was still selling between N1,317 and N1,336 per litre at several filling stations across the Federal Capital Territory and surrounding areas.
The survey found that outlets operated by AA Rano, MRS, NNPCL, Ranoil, Empire Energy and others had maintained their existing pump prices despite recent developments in the oil market.
DAILY POST reports that international crude oil benchmarks, including Brent and West Texas Intermediate (WTI), have fallen significantly to about $77 and $74 per barrel respectively, down from nearly $100 per barrel before the United States and Iran reached a peace agreement.
Following the drop in crude oil prices, Dangote Refinery announced a N75 reduction in its gantry petrol price, bringing the rate down to N1,175 per litre.
However, petroleum marketers are yet to reflect the reduction in their retail pump prices, leaving motorists paying higher rates at filling stations.
When contacted by DAILY POST, the President of the Independent Petroleum Marketers Association of Nigeria, IPMAN, Abubakar Maigandi, declined to comment on the issue, saying only: “We are in a meeting.”
Meanwhile, a manager at an MRS filling station in Abuja, who spoke on condition of anonymity, disclosed that the outlet was preparing to reduce its petrol price.
“We will likely reduce our petrol price by N75 either today (Thursday) or Friday. The new price will be N1,242 per litre, down from N1,317,” the manager told DAILY POST.
Similarly, an attendant at an AA Rano filling station in Abuja said customers had continued to express dissatisfaction over the current pump price of N1,330 per litre.
“Customers are complaining about the high price. I informed my employer, and they promised that the price would be reduced soon because people are angry,” the attendant said.
The development comes as Nigerians continue to battle elevated fuel costs. Petrol, diesel and other petroleum product prices have remained under pressure over the past three months amid market disruptions linked to tensions involving Iran, the United States and Israel.
