Petrol Prices May Drop Further as Marketers Hint at More Cuts

(Fuel Pump. photo by Daily Post)

Nigerian petroleum products marketers say more filling stations across the country could reduce their petrol pump prices in the coming days in order to remain competitive.

The National President of the Petroleum Products Retail Outlets Owners Association of Nigeria, Billy Gillis-Harry, disclosed this in an interview with an online news platform on Tuesday, reacting to the recent reduction in petrol pump prices by the Nigerian National Petroleum Company Limited, MRS, and other retail outlets.

Gillis-Harry attributed the latest round of price cuts to a drop in the landing cost of the product, noting that more retailers may follow suit and lower their prices further as long as landing costs continue to decline, as part of efforts to attract customers.

He said more filling stations were expected to review their petrol prices in line with favourable landing costs, adding that stations would want to stay competitive.

According to the report, Dangote Refinery has set its gantry petrol price at N1,215 per litre, while depot owners have recently adjusted their ex-depot prices to between N1,215 and N1,225 per litre.

Nigerians currently buy petrol at between N1,265 and N1,310 per litre in Abuja and its environs.

The development comes as Brent and West Texas Intermediate crude prices dropped to $78 and $75 per barrel respectively, as of the time of filing this report.