Nigerian Oil Marketers reduces fuel prices to attract customers

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Nigerian petroleum products marketers have reduced the price of premium motor spirit (PMS) to attract customers. On Friday, reports emerged that filling station owners in Abuja had reviewed their fuel prices downwards by at least N10 per litre to remain competitive in the country’s downstream oil and gas sector.

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Major oil marketers such as Ranoil, Shafa, and AA Rano filling stations in Abuja now sell petrol at N900 per litre, down from N910. The spokesperson of the Independent Petroleum Marketers Association, Chinedu Ukadike, attributed the development to the liberalisation of the oil and gas sector. “Price modulation is no longer done by the government but by demand and supply,” he said.

Ukadike’s statement underscores the shift in the industry, where market forces now dictate prices. Meanwhile, Nigerian National Petroleum Company Limited retail outlets and Dangote Refinery partners such as MRS, AP Ardova, Optima, and Bovas are currently selling fuel at between N875 to N895 per litre in Lagos and Abuja.

According to industry players, Dangote Refinery and NNPCL may announce another price reduction after the Eid-Al-Adha celebration to stay competitive in the market. This potential move is expected to further ease the burden on consumers and intensify competition in the oil and gas sector.

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