Fuel price takes unexpected turn just days after increase

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Filling stations across Nigeria have reduced the price of Premium Motor Spirit, barely 24 hours after a recent increase.

Checks by ZINGTIE revealed that Ranoil, Empire Energy, and other outlets in Abuja adjusted their pump prices to N1,365 and N1,375 per litre respectively, down from N1,440 per litre on Friday.

This indicates that petroleum marketers have reduced fuel prices by between N65 and N75 per litre. ZINGTIE reports that the adjustment was aimed at attracting more customers.

It would be recalled that earlier in the week, filling stations nationwide increased petrol prices to between N1,365 and N1,440 per litre following a rise in ex-depot prices by Dangote Refinery and depot operators to about N1,275 and N1,290 per litre.

ZINGTIE reports that while the Nigerian National Petroleum Company Limited and MRS Bovas outlets adjusted their prices to around N1,365 per litre, other stations pushed theirs above N1,440 per litre.

However, following the recent price reduction by Ranoil and Empire Energy, most filling stations are now dispensing petrol within the range of N1,365 to N1,375 per litre.

The development comes as fluctuations in global crude oil prices continue to influence domestic fuel costs in Nigeria.

Brent crude and West Texas Intermediate rose to $114 and $105 per barrel respectively before dropping to $108 and $101 at the time of filing this report.

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