Petroleum products marketers have said more filling stations across Nigeria are likely to reduce their petrol pump prices as competition intensifies and the landing cost of imported fuel continues to decline.
The National President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), Billy Gillis-Harry, disclosed this in an interview with Obasanjonews24 on Tuesday.
He was reacting to the recent downward review of petrol prices by the Nigerian National Petroleum Company Limited (NNPCL), MRS, and several other fuel retailers.
According to Gillis-Harry, the latest reduction in pump prices is largely driven by the falling landing cost of petrol, adding that marketers are expected to adjust their prices further to remain competitive.
“More filling stations are expected to review their petrol prices with favourable landing costs. Filling stations would want to remain competitive,” he said.
The PETROAN president noted that as long as the cost of importing petrol continues to fall, retailers will be under pressure to lower pump prices in order to attract more customers.
Meanwhile, Dangote Refinery has maintained its petrol gantry price at ₦1,215 per litre, while depot operators have adjusted their ex-depot prices to between ₦1,215 and ₦1,225 per litre.
Across Abuja and its surrounding areas, petrol is currently selling for between ₦1,265 and ₦1,310 per litre, depending on the retail outlet.
The expected price adjustments also coincide with a decline in global crude oil prices, with Brent crude trading at about $78 per barrel and West Texas Intermediate (WTI) at approximately $75 per barrel at the time of filing this report.
