Some filling stations across the country have reduced the pump price of Premium Motor Spirit, popularly known as petrol, in a bid to attract more customers amid stiff competition in the downstream sector.
A market survey conducted in Abuja on Thursday showed that major retail outlets, including NIPCO, Eterna and Mobil filling stations, adjusted their petrol prices downward to N1,350 per litre from the previous range of N1,365 to N1,370 per litre.
The latest adjustment represents a reduction of between N15 and N20 per litre.
Reacting to the development, the National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria, Chinedu Ukadike, confirmed the price cuts, describing them as part of efforts by marketers to remain competitive and boost sales.
Ukadike explained that declining patronage had forced some marketers to review their prices in order to attract motorists and sustain business operations.
He said operators sometimes sacrifice part of their profit margins to encourage sales and ensure returns on investment.
The development comes amid continued fluctuations in domestic fuel prices linked to uncertainties in the international oil market following prolonged tensions in the Middle East.
Meanwhile, global crude oil prices recorded a decline on Thursday, with Brent crude dropping by nearly three per cent to about $99 per barrel, while West Texas Intermediate fell to approximately $93 per barrel.
Industry analysts said the movement in crude oil prices could further influence the pricing of petroleum products in Nigeria in the coming weeks.
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