Nigerian filling stations lowered the price of Premium Motor Spirit (PMS) on Saturday, reversing the increase announced only a day earlier. The adjustment brings the retail price at several stations in Abuja to N1,365‑N1,375 per litre, down from N1,440 per litre on Friday.
Media Talk Africa’s verification shows that Ranoil and Empire Energy were among the first to reduce their pump prices, offering PMS at N1,365 and N1,375 per litre respectively. The cut translates into a reduction of N65‑N75 per litre for consumers. Station operators said the move is intended to attract more customers after the brief price hike.
Three days earlier, the nationwide price of PMS had risen to between N1,365 and N1,440 per litre. The increase followed higher ex‑depot prices set by Dangote Refinery and other depot owners, which moved to roughly N1,275‑N1,290 per litre. The Nigerian National Petroleum Company Limited (NNPC) and MRS Bovas were among the retailers that aligned with the new upper range of N1,365 per litre, while some stations priced fuel above N1,440 per litre.
With the latest reductions by Ranoil and Empire Energy, most retail outlets now dispense PMS within the N1,365‑N1,375 band. The price fluctuation reflects the ongoing influence of global crude oil markets on Nigeria’s domestic fuel costs. Brent crude and West Texas Intermediate (WTI) futures rose to $114 and $105 per barrel, respectively, before falling to $108 and $101 per barrel in the hours preceding the report.
The rapid reversal underscores the sensitivity of the Nigerian fuel market to both international oil price movements and local supply‑side decisions. Retailers appear to be closely monitoring price trends to remain competitive, while consumers benefit from the brief reprieve in pump prices.
Continued volatility in global oil markets is likely to keep domestic fuel prices unsettled. Stakeholders, including the NNPC and refinery operators, will need to balance cost recovery with consumer affordability as crude prices fluctuate.
