Nigerian petrol pumps cut their Premium Motor Spirit (PMS) prices on Saturday, just a day after stations lifted rates. Fresh checks in Abuja showed multiple marketers trimming pump prices as they respond to shifting costs in the downstream chain.<\/p>\n
In the capital, Ranoil and Empire Energy adjusted their retail prices to N1,365<\/strong> and N1,375<\/strong> per litre, respectively, following Friday\u2019s level of N1,440<\/strong> per litre. That translates to marketers reducing prices by N65<\/strong> and N75<\/strong> per litre, depending on the outlet.<\/p>\n The latest cut was described as a move intended to attract patronage from motorists. With competition among stations intensifying, even small retail changes can quickly alter customer demand, particularly when consumers are highly price-sensitive.<\/p>\n Three days earlier, Nigerian filling stations had increased pump prices nationwide. Retail PMS rates were reported to have been raised to a band of N1,365 to N1,440<\/strong> per litre after both the Dangote Refinery and depot owners lifted ex-depot prices to roughly N1,275<\/strong> and N1,290<\/strong> per litre.<\/p>\n At that time, reports indicated that some outlets\u2014including Nigerian National Petroleum Company Limited (NNPC) and MRS Bovas\u2014moved their petrol to around N1,365<\/strong> per litre. Other marketers, however, set their pump prices higher than N1,440<\/strong> per litre, widening the spread across the market.<\/p>\n With Saturday\u2019s reductions by Ranoil and Empire Energy, the balance shifted toward the lower end of the most recent pricing range. The majority of stations now sell petrol at about N1,365 to N1,375<\/strong> per litre, narrowing the gap seen after the earlier adjustments.<\/p>\n The change comes amid continued pressure from global crude movements on Nigeria\u2019s domestic fuel pricing. As Brent and West Texas Intermediate trade levels moved, local prices followed with a lag, reflecting how import and refining costs filter into pump rates.<\/p>\n In the latest market movement cited during reporting, Brent crude climbed to $114<\/strong> per barrel before easing to $108<\/strong>, while West Texas Intermediate rose to $105<\/strong> before falling back to $101<\/strong>. Those swings underscore why Nigerian fuel prices can move quickly\u2014both upward and downward\u2014as traders react to crude volatility.<\/p>\n","protected":false},"excerpt":{"rendered":" Nigerian petrol pumps cut their Premium Motor Spirit (PMS) prices on Saturday, just a day after stations lifted rates. Fresh checks in Abuja showed multiple marketers trimming pump prices as they respond to shifting costs in the downstream chain. In the capital, Ranoil and Empire Energy adjusted their retail prices to N1,365 and N1,375 per […]<\/p>\n","protected":false},"author":2,"featured_media":313,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_yoast_wpseo_title":"Nigeria PMS Price Cuts at Petrol Stations After Hike","_yoast_wpseo_metadesc":"Nigerian petrol stations cut PMS prices within a day of last-minute hikes, with Abuja retailers trimming rates as downstream costs","mma_seo_breadcrumb_text":"","mma_seo_breadcrumb_url":"","mma_seo_breadcrumb_hide_ui":"","mma_seo_breadcrumb_labels":[],"footnotes":""},"categories":[5],"tags":[],"class_list":["post-314","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-business"],"yoast_head":"\nQuick facts<\/h3>\n
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