More filling stations in Nigeria are anticipated to lower petrol prices as competition increases and the landing costs for imported fuel continue to drop, according to petroleum product marketers.
Billy Gillis-Harry, the National President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), shared this insight during an interview with the Obasanjonews24 on Tuesday.
This response followed a recent reduction in petrol prices by the Nigerian National Petroleum Company Limited (NNPCL), MRS, and various other fuel retailers.
Gillis-Harry explained that the primary driver behind the recent decrease in pump prices is the reduction in petrol’s landing cost. He mentioned that marketers are likely to further adjust prices to remain competitive in the market.
More filling stations are anticipated to reassess their petrol prices in light of favorable landing costs. Stations will aim to stay competitive to attract customers.
The PETROAN president emphasized that as long as petrol import costs continue to decrease, retailers will feel compelled to lower pump prices to draw more customers.
Meanwhile, the Dangote Refinery has kept its petrol gantry price at ₦1,215 per liter, while depot operators have changed their ex-depot prices to between ₦1,215 and ₦1,225 per liter.
In Abuja and nearby areas, petrol prices range from ₦1,265 to ₦1,310 per liter, depending on the retailer.
These anticipated price changes align with dropping global crude oil prices, where Brent crude is trading at around $78 per barrel and West Texas Intermediate (WTI) at about $75 per barrel at the report’s time.
