$73 PER BARREL: Filling Stations To Reduce Fuel Price Near N1000 Per Litre Amid Pressure

$73 PER BARREL: Filling Stations To Reduce Fuel Price Near N1000 Per Litre Amid Pressure

Nigerian filling stations have hinted at plans to drop the premium motor spirit pump price to near N1,000 per litre amid pressure.

Naijaonpoint Nigeria reports that in the last two weeks Nigeria’s petroleum downstream sector has witnessed a downward fuel price reduction.

Nigerian National Petroleum Company Limited, NNPCL, recently reduced its petrol price to N1,210 per litre barely two days after Dangote Refinery adjusted its petrol gantry price to N1,125 per litre.

This comes amid calls by Nigerians for a commensurate drop in the pump price of petrol as crude oil prices fell to around $73 per barrel, up from over $100 per barrel owing to the relative easing of the crisis in the Middle East.

At the weekend, the Federal Competition and Consumer Protection Commission warned oil firms in Nigeria against exploitation and profiteering after Newsmen report on President Bola Ahmed Tinubu’s government being silent over the fuel price concerns.

Reacting, an MRS filling station manager in Abuja told Newsmen under anonymity that the fuel retail outlet will by Tuesday or Wednesday, drop its petrol price to between N1,201 and N1,191 per litre.

The spokesperson of the Independent Petroleum Marketers Association of Nigeria, Chinedu Ukadike, also confirmed planned further fuel price drop.

Ukadike said the price would head towards N1000 per litre if crude oil prices continued to fall.

He attributed the current fuel pricing to refiners and importers.

According to him, petroleum product markets want the best fuel price for their customers to remain competitive.

“So you see this is coming down gradually. It’s possible the fuel price will drop to N1000 per litre or less if the crude oil price keeps reducing and refiners and depot owners follow.

“It is simply based on the factors of demand and supply,” he told Newsmen.

TGM reports that pump price stood between N1,210 and N1,300 per litre in Abuja and environs as of Monday night, while crude Brent and West Texas Intermediate stood at $72 and $70 per barrel, respectively.