Some filling stations in Nigeria have reduced the pump price of premium motor spirit (PMS) in a bid to stay competitive amid ongoing crude oil price fluctuations.
The Nigerian Newssphere gathered that Ranoil and Sharon filling stations in Abuja and nearby areas have lowered their petrol prices to N1,280 per liter, down from N1,300, in an effort to attract more customers.
The N20 reduction represents a 1.54 percent drop, as marketers intensify efforts to draw patronage in a highly competitive market.
Meanwhile, outlets operated by the Nigerian National Petroleum Company Limited and MRS are selling petrol at N1,261 per liter, making them N19 cheaper than Ranoil and Sharon stations.
Other marketers, including AA Rano and Empire Energy, continue to sell fuel at higher rates ranging between N1,300 and N1,330 per liter.
At the supply level, the Dangote Refinery maintains its gantry price at N1,175 per liter. Similarly, depot operators such as Pinnacle, Parker, and Zamson are pricing petrol between N1,192 and N1,200 per liter.
The adjustments come amid volatility in global oil prices, with Brent crude recently rising to $114 per barrel before easing to $107 as of Thursday night.
