More Filling Stations Set to Cut Petrol Prices

Petroleum products marketers have said more filling stations across Nigeria are likely to reduce their petrol pump prices as competition in the downstream sector continues to increase.

The National President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), Billy Gillis-Harry, said the expected price adjustments are being driven by the falling landing cost of imported petrol.

Speaking on Tuesday, Gillis-Harry explained that filling station operators would continue to review their prices downward as long as the cost of bringing petrol into the country keeps declining.

He noted that marketers are under pressure to remain competitive and attract more customers, making further price reductions likely in the coming days.

His comments followed recent pump price cuts by the Nigerian National Petroleum Company Limited (NNPCL), MRS filling stations and other fuel retailers across the country.

NNPCL recently reduced the price of Premium Motor Spirit (PMS), also known as petrol, at its retail outlets, while MRS, supported by Dangote Refinery, also lowered its pump price.

The latest adjustments came after Dangote Refinery fixed its gantry price for petrol at N1,215 per litre. Depot operators have also reduced their ex-depot prices to between N1,215 and N1,225 per litre.

Despite the reductions, petrol currently sells between N1,265 and N1,310 per litre in Abuja and surrounding areas, depending on the retail outlet.

The downward trend in fuel prices has also been supported by declining global crude oil prices. As of Tuesday, Brent crude traded at about $78 per barrel, while West Texas Intermediate (WTI) crude sold for around $75 per barrel.

Industry stakeholders believe that if the landing cost of petrol and international crude oil prices continue to fall, consumers could see additional reductions in pump prices across more filling stations nationwide.