Fuel Prices May Finally Drop Again as New Signals Emerge

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Petrol marketers across Nigeria have indicated that another reduction in the pump price of Premium Motor Spirit (PMS) may be on the horizon as pressure mounts within the downstream sector.

Over the past two weeks, the country’s petroleum market has experienced a series of downward price adjustments.

The Nigerian National Petroleum Company Limited (NNPCL) recently reviewed its retail price to N1,210 per litre, coming shortly after Dangote Refinery reduced its ex-depot price to N1,125 per litre.

The development follows growing calls from Nigerians for a corresponding decline in petrol prices as international crude oil prices continue to retreat from earlier highs.

Crude prices had previously climbed above the $100 per barrel mark due to tensions in the Middle East, but recent stability in the region has pushed prices down to around $73 per barrel.

At the weekend, the Federal Competition and Consumer Protection Commission (FCCPC) cautioned petroleum operators against profiteering and unfair pricing practices following public concerns over fuel costs.

Speaking anonymously, a manager at an MRS filling station in Abuja disclosed that the retail outlet could reduce its petrol price to between N1,191 and N1,201 per litre within days.

The National Public Relations Officer of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Chinedu Ukadike, also confirmed that further price reductions remain possible.

According to him, petrol prices could gradually approach the N1,000 per litre mark if crude oil prices continue to decline and refiners adjust their rates accordingly.

Ukadike explained that current pricing trends are largely influenced by refiners and importers operating within the market.

He noted that marketers are increasingly seeking competitive pricing in order to retain customers.

“So you see this is coming down gradually. It’s possible the fuel price will drop to N1000 per litre or less if the crude oil price keeps reducing and refiners and depot owners follow.

“It is simply based on the factors of demand and supply,” he told ZINGTIE.

As of Monday evening, petrol was selling between N1,210 and N1,300 per litre across Abuja and surrounding areas, while Brent crude traded around $72 per barrel and West Texas Intermediate hovered near $70 per barrel.

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