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Nigerian filling stations have slashed their premium motor spirit prices in a bid to stay competitive with the Nigerian National Petroleum Company Limited (NNPCL) and other fuel outlets nationwide. According to reports, major fuel stations such as AA Rano, Ranoil, Emadab, Empire Energy, Total, Mobil, and NIPCO in Abuja and surrounding areas have recently reduced their fuel prices.

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AA Rano, Ranoil, Mobil, and NIPCO have brought down their fuel prices to N890 per liter from N945, matching the price at NNPC retail outlets in Abuja. Other stations, including Empire Energy, Emadab, and Total, have also lowered their prices to between N899 and N910 per liter from N945 and N935, respectively

Abubakar Maigandi, National President of the Independent Petroleum Marketers Association of Nigeria, attributed the price drop to a reduction in ex-depot and crude oil prices. “It is due to a drop in the petrol ex-depot price, which stood between N820 to N845 per liter, and lower crude oil prices,” he said.

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The price adjustment follows NNPC’s earlier review of its fuel price downward to N890 in Abuja and N865 per litre in Lagos, after Dangote Refinery adjusted its ex-depot price to N820. As of Wednesday morning, crude oil prices stood at $66.52 and $63 per barrel for Brent and West Texas Intermediate crude futures, respectively, according to oilprice.com.

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