Barely 24 hours after increasing pump prices, some filling stations across the country have reduced the retail cost of Premium Motor Spirit (petrol), offering slight relief to motorists.
Findings on Saturday showed that outlets such as Ranoil and Empire Energy adjusted their pump prices downward to between N1,365 and N1,375 per litre, from about N1,440 per litre recorded on Friday.
The latest adjustment represents a reduction of between N65 and N75 per litre, a move industry sources attributed to efforts by marketers to attract customers amid stiff competition.
The development comes just days after petrol prices surged nationwide following an increase in ex-depot rates by the Dangote Refinery and other depot owners, which reportedly rose to between N1,275 and N1,290 per litre.
In response to the earlier hike, several marketers, including the Nigerian National Petroleum Company Limited and MRS outlets, adjusted their pump prices to around N1,365 per litre, while others pushed rates beyond N1,440 per litre.
However, with the recent downward review by some operators, the majority of filling stations now dispense petrol within the N1,365 to N1,375 per litre range.
Analysts say the frequent adjustments underscore the volatility in Nigeria’s downstream sector, largely influenced by fluctuations in global crude oil prices.
READ ALSO
- Israeli troops capture strategic Beaufort Castle in deepest Lebanon advance in decades
- 2027: ADC faction picks Chris Uba as presidential candidate, unveils governorship flagbearers
- Ondo APC moves to reconcile members, calls for unity after primaries
- Two killed, 10 houses burnt as deadly clash sparks violence in Kwara community
- Police arrest six over alleged ₦71m truck fraud in Ondo
At the international market, Brent crude traded as high as $114 per barrel, while West Texas Intermediate climbed to $105, before easing to about $108 and $101 respectively as of the time of filing this report.
Stakeholders note that the oscillation in global oil prices continues to exert pressure on domestic fuel pricing, leaving consumers exposed to unpredictable changes at the pump.
