Filling stations across Nigeria have begun reducing the pump price of petrol following the latest price cut announced by Dangote Refinery.
A market survey conducted by DAILY POST on Saturday showed that several filling stations in Abuja and its environs have adjusted their prices downward in a bid to remain competitive.
The survey found that retail outlets including AA Rano, Ranoil, the Nigerian Independent Petroleum Company (NIPCO), and others are now selling petrol at between N1,205 and N1,240 per litre, down from previous prices of up to N1,300 per litre.
The latest adjustments came barely two days after Dangote Refinery announced its fourth petrol price reduction in four weeks.
On Thursday, the refinery reduced its ex-depot (gantry) price to N1,075 per litre, citing the decline in global crude oil prices. At the time, West Texas Intermediate (WTI) crude traded at about $68 per barrel, while Brent crude hovered around $72 per barrel.
Earlier, DAILY POST reported that Dangote Refinery-affiliated MRS Filling Stations and the state-owned Nigerian National Petroleum Company (NNPC) Limited also reviewed their pump prices in Abuja, selling petrol at N1,191 per litre and N1,210 per litre, respectively.
Despite the series of downward price reviews by Dangote Refinery and petroleum marketers, petrol prices have yet to fall below N1,000 per litre, the level recorded before the escalation of the Middle East crisis.
