Nigerian filling stations have begun reducing the pump price of premium motor spirit (PMS) in response to market pressures and growing competition.
A market survey conducted on Thursday revealed that outlets such as Emedab, Rainoil, Empire Energy, Total, and AA Rano now sell petrol between ₦1,330 and ₦1,350 per litre, down from above ₦1,360 in Abuja and surrounding areas.
This adjustment follows last week’s price cuts by MRS, NNPC Limited, NIPCO, and other retailers, who pegged their rates between ₦1,317 and ₦1,335 per litre.
The downward trend was triggered by Dangote Refinery’s decision to slash its ex-depot price, forcing retail stations to follow suit.
Chinedu Ukadike, spokesperson for the Independent Petroleum Marketers Association of Nigeria (IPMAN), explained that fuel prices will continue to fluctuate amid the ongoing Middle East crisis involving Iran, the United States, and Israel.
Global crude benchmarks also reflected volatility, with Brent trading at $92.02 per barrel and West Texas Intermediate (WTI)
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