Several filling stations across Nigeria have begun reducing their pump prices for petrol following Dangote Refinery’s latest cut in its ex-depot price, bringing some relief to motorists across the country.
A market survey conducted on Saturday in Abuja and neighbouring communities revealed that major independent marketers, including AA Rano, Ranoil and the Nigerian Independent Petroleum Company (NIPCO), have revised their prices downward.
The affected stations now sell Premium Motor Spirit (PMS) at between N1,205 and N1,240 per litre, compared with the previous average price of about N1,300 per litre.
The latest price adjustment comes just two days after Dangote Refinery reduced its gantry price from N1,120 to N1,075 per litre, citing a decline in international crude oil prices.
At the time of the adjustment, West Texas Intermediate (WTI) crude traded at about $68 per barrel, while Brent crude hovered around $72 per barrel.
The refinery’s latest move has continued to influence the downstream petroleum market, with marketers gradually passing on the lower costs to consumers. MRS Filling Stations, a key distributor of Dangote Refinery products, reduced its pump price in Abuja to N1,191 per litre, while the Nigerian National Petroleum Company Limited (NNPCL) also adjusted its retail price to N1,210 per litre in the Federal Capital Territory.
Although motorists are beginning to benefit from the latest round of price cuts, petrol prices remain above N1,000 per litre, still significantly higher than the rates recorded before the escalation of geopolitical tensions in the Middle East, which had contributed to rising global crude oil prices and higher fuel costs in Nigeria.
