By Opeyemi Adelakun
Fresh relief has come for motorists as more filling stations across Nigeria have begun reducing the pump price of Premium Motor Spirit (petrol), following the recent downward review of ex-depot prices by Dangote Refinery.
Checks in Abuja and neighbouring areas on Saturday showed that several independent marketers, including AA Rano, Ranoil and the Nigerian Independent Petroleum Company, have adjusted their prices downward, with petrol now selling between N1,205 and N1,240 per litre, compared to about N1,300 previously charged at many outlets.
The latest price adjustment comes barely two days after Dangote Refinery reduced its gantry price to N1,075 per litre, citing the continued decline in international crude oil prices.
Earlier, Dangote-affiliated MRS stations had reduced their Abuja pump price to N1,191 per litre, while the Nigerian National Petroleum Company Limited (NNPCL) also reviewed its price to N1,210 per litre.
The gradual reductions have renewed hopes among consumers that petrol prices may continue to decline if crude oil prices remain stable in the international market.
Despite the latest cuts, however, the cost of petrol remains above the levels recorded before tensions in the Middle East pushed global oil prices higher, leaving many Nigerians expecting further reductions in the coming weeks.
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