Just in, More Nigerian filling stations have reduced their Premium Motor Spirit (PMS) pump prices as marketers continue to adjust their rates amid the recent decline in petrol prices across the country.
Checks in Abuja and its environs on Wednesday morning showed that Ranoil, Nigerian Independent Petroleum Company (NIPCO), Empire Filling Stations and other retailers had reduced their petrol prices to between N1,275 and N1,299 per litre.
Petrol Prices Drop Further as More Nigerian Filling Stations Cut Pump Prices
The latest reduction represents a cut of between N11 and N25 per litre compared with the previous pump prices of about N1,300 and N1,310 per litre at some of the affected filling stations.
The development comes just two days after the Nigerian National Petroleum Company Limited (NNPCL), AA Rano and other filling stations reviewed their petrol pump prices following changes in the market.
The continued reduction in pump prices is coming amid increasing competition among fuel marketers and lower ex-depot prices, with filling stations adjusting their rates to remain competitive and attract customers.
Recall that Dangote Refinery had, about a week ago, reduced the price of its petrol by N50 per litre. The refinery lowered its petrol price from N1,210 to N1,165 per litre, a move that further increased expectations of lower prices at filling stations.
With more marketers now cutting their pump prices, motorists and other petrol consumers may continue to see further adjustments in the coming days if the downward trend in petrol supply and wholesale prices persists.
