Petroleum products marketers have said more filling stations across Nigeria are likely to reduce the pump price of Premium Motor Spirit, popularly known as petrol, following the recent decline in the product’s landing cost.
The National President of the Petroleum Products Retail Outlets Owners Association of Nigeria, Billy Gillis-Harry, disclosed this while speaking on the recent downward review of petrol prices by the Nigerian National Petroleum Company Limited, MRS and other fuel retailers.
He explained that the reduction in landing costs had created room for marketers to adjust pump prices, noting that operators would continue to review prices to remain competitive in the market.
According to him, filling stations are expected to lower their prices further if the landing cost of imported petrol continues to decline.
“More filling stations are expected to review their petrol prices with favourable landing costs. Filling stations would want to remain competitive,” Gillis-Harry said.
The development comes as the Dangote Refinery maintained its gantry price for petrol at N1,215 per litre, while depot operators also adjusted their ex-depot prices to between N1,215 and N1,225 per litre.
Despite the reductions at the wholesale level, motorists in Abuja and neighbouring areas currently purchase petrol at prices ranging from N1,265 to N1,310 per litre, depending on the retail outlet.
The latest price outlook also coincides with a decline in global crude oil prices, with Brent crude trading at about $78 per barrel and West Texas Intermediate at around $75 per barrel, a trend expected to sustain the downward pressure on domestic petrol prices.