Nigeria’s Filling Stations Reduce Fuel Prices Amid Increased Competition
In a bid to compete with the Nigerian National Petroleum Company Limited (NNPCL) and other fuel outlets nationwide, several filling stations in Nigeria have reduced their premium motor spirit pump prices. This move is expected to bring relief to motorists and consumers across the country.
According to reports, AA Rano, Ranoil, Mobil, and NIPCO filling stations in the Federal Capital Territory, Abuja, and surrounding areas have adjusted their fuel prices to N890 per litre, down from N945. This price match with NNPCL retail outlets in Abuja is seen as a strategic move to stay competitive in the market.
Other filling stations, including Empire Energy, Emadab, and Total in Gwarimpa, Abuja, have also reduced their petrol pump prices to between N899 and N910, from N945 and N935, respectively.
Abubakar Maigandi, the National President of the Independent Petroleum Marketers Association of Nigeria, attributed the drop in fuel prices to a reduction in ex-depot and crude oil prices. “The drop in petrol ex-depot price, which stood between N820 to N845 per litre, and lower crude oil prices, have made it possible for us to reduce our prices,” he told Media Talk Africa.
NNPCL had earlier reviewed its fuel price downward to N890 in Abuja and N865 per litre in Lagos, following Dangote Refinery’s ex-depot price adjustment to N820. The reduction in fuel prices is a welcome development for Nigerians, who have been grappling with high fuel costs in recent times.
As of Wednesday morning, the crude oil price stood at $66.52 and $63 per barrel for Brent and West Texas Intermediate crude futures, respectively, according to oilprice.com.
The reduction in fuel prices is expected to have a positive impact on the economy, as it will lead to a decrease in transportation costs and subsequently, a reduction in the prices of goods and services. As the competition among filling stations continues, Nigerians can expect to enjoy lower fuel prices and improved services.
In a bid to compete with the Nigerian National Petroleum Company Limited (NNPCL) and other fuel outlets nationwide, several filling stations in Nigeria have reduced their premium motor spirit pump prices. This move is expected to bring relief to motorists and consumers across the country.
