Petrol marketers have indicated that the pump price of Premium Motor Spirit may decline further in the coming days, with the product expected to sell close to N1,000 per litre if the downward trend in global crude oil prices continues.
The projection follows recent reductions in petrol prices across the downstream petroleum sector after the Nigerian National Petroleum Company Limited and the Dangote Petroleum Refinery reviewed their ex-depot and retail prices.
Industry operators said the decline in international crude oil prices, which has followed easing tensions in the Middle East, has created room for a further adjustment in domestic fuel prices.
A manager of an MRS filling station in Abuja, who spoke on condition of anonymity, disclosed that the outlet was preparing to reduce its pump price to between N1,191 and N1,201 per litre before the middle of the week.
Also speaking, the National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria, Chinedu Ukadike, said petrol prices could fall to around N1,000 per litre if crude oil prices continued to decline and refiners as well as depot operators adjusted their prices accordingly.
According to him, competition among petroleum marketers is driving the price reductions, as operators seek to attract customers by offering more competitive rates.
Ukadike explained that the movement in petrol prices was largely influenced by market forces, particularly demand and supply, as well as the pricing decisions of refiners and fuel importers.
The latest development comes amid growing calls by Nigerians for further reductions in fuel prices following the recent drop in global crude oil prices. Brent crude was trading at about $72 per barrel, while the West Texas Intermediate benchmark stood at approximately $70 per barrel as of Monday.
Meanwhile, the Federal Competition and Consumer Protection Commission recently warned petroleum marketers against profiteering and other exploitative practices, urging operators to ensure that reductions in supply costs are reflected in pump prices for the benefit of consumers.
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