Some filling stations across Nigeria have reduced their retail petrol prices amid growing competition in the downstream sector.
Checks by Nigerian Newssphere on Monday revealed that Ranoil and Empire Energy stations cut their pump prices to N1,370 and N1,383 per litre, down from N1,440 and N1,430, respectively.
The adjustments represent price reductions of N70 and N37 per litre.
A station manager, who spoke on condition of anonymity, said the move was aimed at staying competitive in the country’s fuel market.
Meanwhile, Nigerian National Petroleum Company Limited (NNPCL) and MRS filling stations are currently dispensing petrol at N1,361 and N1,367 per liter, respectively.
The price cuts come amid a sharp drop in global crude oil prices, which fell by nearly 10 percent to $100.2 per barrel for Brent and $88.85 for West Texas Intermediate. The decline follows confirmation from US and Iranian authorities of ongoing talks to ease tensions and halt escalation in the Middle East.
The sustained drop in crude prices has raised expectations that the Dangote Refinery may soon reduce its gantry price, which recently stood at N1,245 per liter after multiple increases recorded in March.
