Petrol Prices Take A Fresh Turn At Nigerian Filling Stations

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Some filling stations across Nigeria have reduced their petrol pump prices as competition intensifies within the downstream petroleum sector.

A market survey conducted by ZINGTIE revealed that although petrol prices remain relatively high, AA Rano, Mobil and some other retailers have made slight downward adjustments.

In Abuja and surrounding areas, AA Rano and Mobil reduced their pump prices to N1,420 and N1,410 per litre respectively, from their previous prices of N1,450 and N1,435.

The adjustments represent reductions of N30 and N25 per litre by the two filling stations respectively.

The modest decline in pump prices comes amid a drop in global crude oil prices, with Brent and West Texas Intermediate, WTI, trading at around $103 and $100.30 per barrel respectively at the time of filing this report.

Filling stations across Nigeria had come under increasing pressure to review their petrol prices following the decline in crude oil prices, with pump prices previously ranging between N1,395 and N1,450 per litre.

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