Nigerian filling stations have indicated that the pump price of Premium Motor Spirit (PMS), commonly known as petrol, could soon fall closer to N1,000 per litre as downward pressure on fuel prices continues.
In the past two weeks, Nigeria’s downstream petroleum sector has witnessed a series of price reductions driven by falling global crude oil prices and increased market competition.
Recently, the Nigerian National Petroleum Company Limited (NNPCL) reduced its retail petrol price to N1,210 per litre, just days after Dangote Refinery lowered its ex-depot (gantry) price to N1,125 per litre.
The price adjustments come amid growing public calls for a more significant reduction in petrol prices, following the decline in global crude oil prices. Brent crude has dropped to around $72 per barrel, while West Texas Intermediate (WTI) trades near $70 per barrel, compared to levels above $100 per barrel during the height of tensions in the Middle East.
Over the weekend, the Federal Competition and Consumer Protection Commission (FCCPC) cautioned petroleum marketers against exploiting consumers or engaging in profiteering, following concerns over fuel pricing.
Speaking anonymously to Daily Post, a manager at an MRS filling station in Abuja disclosed that the outlet is expected to reduce its petrol pump price to between N1,191 and N1,201 per litre by Tuesday or Wednesday.
Similarly, the National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Chinedu Ukadike, confirmed that further reductions are likely if international crude oil prices continue their downward trend.
According to Ukadike, petrol prices could eventually fall to N1,000 per litre or even lower, provided refiners, depot owners, and importers continue to adjust prices in line with market realities.
“The price is coming down gradually. It’s possible the fuel price will drop to N1,000 per litre or less if crude oil prices keep falling and refiners and depot owners follow suit. It is simply based on the forces of demand and supply,” he said.
As of Monday night, petrol was selling between N1,210 and N1,300 per litre across Abuja and surrounding areas, while market observers continue to monitor global oil prices and their impact on domestic fuel costs.
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