Competition among Nigeria\u2019s retailers of petrol is intensifying as more filling stations cut their premium motor spirit prices to attract customers. A market check carried out on Thursday found that several outlets, including Emedab, Rainoil, Empire Energy, Total and AA Rano, have moved their pump prices to a band of roughly N1,330\u2013N1,350 per litre in Abuja and surrounding areas, down from levels that had been above N1,360 per litre.<\/p>\n
For consumers, the adjustment means these operators have effectively lifted the price by about N10 to N30 per litre compared with the prior pricing environment. The survey also indicated that MRS, Nigerian National Petroleum Company Limited (NNPCL) outlets, NIPCO stations, and other independent retailers had already revised their figures downward last week to a range of N1,317\u2013N1,335 per litre.<\/p>\n
The latest change comes only weeks after the Dangote Refinery reduced its petrol \u201cgantry\u201d price. That move filtered through the downstream market and helped push retail prices lower, prompting further recalibration by station operators seeking to maintain market share.<\/p>\n
In commentary on the development, Chinedu Ukadike, spokesperson for the Independent Petroleum Marketers Association of Nigeria, said petrol prices would remain volatile and subject to ongoing swings in global conditions. He pointed to the continued fallout from the Iran\u2013United States\u2013Israel crisis that has been unfolding for more than three months, noting that stability in the fuel supply chain depends heavily on developments in crude markets.<\/p>\n
At the time this report was filed, benchmark crude prices had eased, with Brent quoted at $92.02 per barrel and West Texas Intermediate at $89.11 per barrel, reflecting the day\u2019s softer trading for oil\u2014an environment that can quickly feed into local pump pricing.<\/p>\n","protected":false},"excerpt":{"rendered":"
Competition among Nigeria\u2019s retailers of petrol is intensifying as more filling stations cut their premium motor spirit prices to attract customers. A market check carried out on Thursday found that several outlets, including Emedab, Rainoil, Empire Energy, Total and AA Rano, have moved their pump prices to a band of roughly N1,330\u2013N1,350 per litre in […]<\/p>\n","protected":false},"author":2,"featured_media":1759,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_yoast_wpseo_title":"Nigeria Petrol Prices Drop as Retailers Cut Costs","_yoast_wpseo_metadesc":"Nigeria petrol prices ease as fuel retailers in Abuja and nearby areas cut pump costs, intensifying competition and pushing rates ","mma_seo_breadcrumb_text":"","mma_seo_breadcrumb_url":"","mma_seo_breadcrumb_hide_ui":"","mma_seo_breadcrumb_labels":[],"footnotes":""},"categories":[5],"tags":[],"class_list":["post-1760","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-business"],"yoast_head":"\n