Petrol marketers have said more filling stations across Nigeria are likely to reduce their pump prices in the coming days as the cost of importing the product continues to fall.
The National President of the Petroleum Products Retail Outlets Owners Association of Nigeria, Billy Gillis-Harry, disclosed this while reacting to the recent downward review of petrol prices by the Nigerian National Petroleum Company Limited, MRS and other fuel retailers.
According to him, the reduction in pump prices is being driven by the decline in the landing cost of petrol, a development he said is expected to encourage more marketers to adjust their prices to remain competitive.
He explained that operators would continue to review their pricing strategy as long as import costs remain favourable, noting that competition among retailers would ultimately benefit consumers.
"More filling stations are expected to review their petrol prices as landing costs become more favourable. Retailers will naturally adjust their prices to remain competitive," Gillis-Harry said.
The development follows the decision of Dangote Refinery to fix its gantry price for petrol at ₦1,215 per litre, while depot owners have also reduced their ex-depot prices to between ₦1,215 and ₦1,225 per litre.
Despite the recent adjustments, petrol is still being sold at between ₦1,265 and ₦1,310 per litre in Abuja and surrounding areas, 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 approximately $75 per barrel, raising expectations of further reductions in domestic fuel prices if the trend persists.
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