Dangote Refinery-backed MRS filling stations and other fuel marketers have reduced their petrol pump prices in parts of Nigeria, signalling the first major retail price cut after nearly two weeks of increases driven by crude oil price volatility.
A market survey conducted by Nigerian Newssphere on Saturday showed that MRS filling stations in Abuja have cut their petrol pump price to N1,265 per litre from N1,305 per litre.
The new price was observed at MRS outlets in Kubwa and along the Lugbe Expressway, representing a N40 per litre reduction.
Similarly, AA Rano filling stations in the Federal Capital Territory reduced their pump price by N30 per litre, lowering it to N1,300 per litre from N1,330 per litre.
The latest adjustments bring petrol retail prices at the affected outlets to between N1,265 and N1,300 per litre, offering motorists some relief after sustained price hikes in recent weeks amid fluctuations in global crude oil prices.
The reductions come shortly after Dangote Refinery announced the free distribution of petrol to marketers across at least five states, including the Federal Capital Territory, at a gantry price of N1,215 per litre.
Meanwhile, Brent crude and West Texas Intermediate (WTI) crude traded at about $84 and $87 per barrel, respectively, over the weekend.
DAILY POST also reports that major depot owners, including Pinnacle, Emedab, NIPCO and Sigmund, are currently dispensing petrol at between N1,217 and N1,222 per litre, a development that has begun to reflect in retail pump prices across some filling stations.
