By: Ganiyu Olayinka
Petrol prices have started falling at filling stations across the country, days after Dangote Refinery announced a cut in its ex-depot price.
A market survey conducted on Saturday found that several fuel marketers in Abuja and its environs have adjusted their pump prices downward.
Outlets that have implemented the reduction include AA Rano, Ranoil, the Nigerian Independent Petroleum Company, and other retail stations across the Federal Capital Territory. Petrol is now selling between N1,205 and N1,240 per litre, down from a previous average of about N1,300.
The adjustment follows Dangote Refinery’s decision on Thursday to lower its gantry price for petrol to N1,075 per litre, a move linked to the recent decline in global crude oil prices, with West Texas Intermediate and Brent crude trading at approximately $68 and $72 per barrel respectively.
Earlier, MRS Filling Stations, backed by Dangote Refinery, reduced its Abuja pump price to N1,191 per litre, while the Nigerian National Petroleum Company Limited (NNPCL) cut its price to N1,210 per litre.
Despite these reductions by Dangote Refinery and major marketers, petrol prices remain above the N1,000-per-litre mark that prevailed before tensions in the Middle East drove a surge in global energy prices.
Tags: #DangoteRefinery #NNPCL #Nigeria