Several filling stations across Nigeria have finally reduced the pump price of Premium Motor Spirit (PMS), five days after the Dangote Refinery announced a reduction in its ex-depot petrol price.
A market survey conducted by Nigerian Newssphere in Abuja on Sunday revealed that major marketers including AA Rano, NIPCO, Eterna and Ranoil have adjusted their petrol prices downward, selling between N1,280 and N1,300 per litre, compared to previous prices of up to N1,340 per litre.
The latest adjustment represents a reduction of between N35 and N55 per litre, offering some relief to motorists and consumers.
However, retail outlets operated by the Nigerian National Petroleum Company Limited (NNPCL) are yet to implement any price reduction, with petrol still selling at N1,335 per litre as of Sunday morning.
The development comes days after Dangote Refinery’s partner stations, MRS, cut their pump price by N76 per litre, bringing the cost of petrol down to N1,241 per litre.
The reduction in retail prices followed Dangote Refinery’s decision to lower its gantry price of petrol to N1,175 per litre after a decline in global crude oil prices.
As of the time of filing this report, crude oil traded at about $76 per barrel for West Texas Intermediate (WTI) and $80 per barrel for Brent crude.
Meanwhile, oil prices recorded a slight increase after Iran announced the closure of the Strait of Hormuz, days after a peace agreement brokered by United States President, Donald Trump.
Current Petrol Prices in Abuja
AA Rano — N1,295 per litre
NIPCO — N1,299 per litre
Eterna — N1,280 per litre
Ranoil — N1,300 per litre
