Nigerian petroleum products marketers have reduced their premium motor spirit pump price downwards to attract patronage.
Media Talk Africa observed on Friday that filling station owners in Abuja reviewed their fuel price downwards by at least N10 per litre to compete favourably in the country’s downstream oil and gas sector.
Major oil marketers such as Ranoil, Shafa, and AA Rano filling stations in the nation’s capital, Abuja, now sell petrol at N900 per litre, down from N910.
The spokesperson of the Independent Petroleum Marketers Association, Chinedu Ukadike, described the development as a benefit of the liberalisation of the oil and gas sector.
According to him, the era where the government determines the price of PMS is gone; rather, it is the forces of demand and supply.
“Price modulation is no longer done by the government but by demand and supply,” he said.
Media Talk Africa earlier reported that Ukadike said PMS price may nosedive down to N800 per litre.
The Nigerian National Petroleum Company Limited retail outlets and Dangote Refinery partners such as MRS, AP Ardova, Optima, and Bovas are currently dispensing fuel at between N875 to N895 per litre in Lagos and Abuja.
According to market players in the oil and gas sector, Dangote Refinery and NNPCL may announce another petrol price reduction after the Eid-Al-Adha celebration to remain competitive.
