More petrol stations in Nigeria could cut pump prices in the coming days as retailers respond to lower product landing costs and seek to retain customers, said Billy Gillis-Harry, national president of the Petroleum Products Retail Outlets Owners Association of Nigeria, in a Tuesday interview. He was commenting on recent price reductions by the Nigerian National Petroleum Company Limited, MRS and other fuel retailers, attributing the changes to the decline in the cost of bringing petrol into the country. Gillis-Harry said further reductions were likely if landing costs continued to fall, as filling stations would need to remain competitive. Dangote Refinery has set its petrol gantry price at N1,215 a litre, while depot operators have recently lowered ex-depot prices to a range of N1,215-N1,225. Despite those adjustments, motorists in Abuja and surrounding areas are currently paying between N1,265 and N1,310 a litre. The price movement follows a decline in international crude benchmarks, with Brent trading at $78 a barrel and West Texas Intermediate at $75 when the report was filed.
