Petrol prices have fallen at several filling stations in Abuja after a decline in the product’s landing cost, according to Billy Gillis-Harry, national president of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN).
In a Tuesday interview, Gillis-Harry said stations operated by the Nigerian National Petroleum Company Limited (NNPCL), MRS and other retailers had lowered pump prices because the cost of bringing petrol into the market had eased. He said retail prices generally move down when landing costs decline, although marketers cannot sell below sustainable business levels.
“Prices cannot simply be projected higher or lower without an underlying market force,” Gillis-Harry said. “That force is cost, particularly the landing cost. When it falls, we have an obligation to reflect the reduction, but not to the point where the business becomes unviable.”
Prices fall in Abuja
- NNPCL and MRS stations, along with other filling stations in Abuja and surrounding areas, cut pump prices by between N36 and N40 per litre.
- The revised prices placed petrol at approximately N1,265 to N1,299 per litre.
- The reductions followed a decrease in ex-depot prices as depot operators sought to compete with Dangote Refinery’s gantry price of N1,215 per litre.
