Several Nigerian filling stations have reduced the pump price of Premium Motor Spirit to between ₦1,365 and ₦1,375 per litre, reversing a brief hike to ₦1,440 as marketers compete for customer patronage.
Filling stations across Nigeria adjusted their pump prices for Premium Motor Spirit (PMS) downward on Saturday, barely 24 hours after a significant price hike. Market checks conducted by DAILY POST in Abuja revealed that major independent marketers, including Ranoil and Empire Energy, lowered their rates to between ₦1,365 and ₦1,375 per litre. This adjustment represents a decrease of approximately ₦65 to ₦75 per litre from the ₦1,440 peak recorded on Friday, a move reportedly aimed at attracting customers in an increasingly competitive retail environment.
The price volatility follows a recent surge three days ago when retailers nationwide hiked prices after the Dangote Refinery and various depot owners increased ex-depot costs to between ₦1,275 and ₦1,290 per litre. During that peak, while the Nigerian National Petroleum Company Limited (NNPCL) and MRS Bovas maintained prices around ₦1,365, many other private outlets had pushed their rates above the ₦1,440 mark. However, the latest trend shows a convergence toward the lower price point as marketers react to the “ripple effect of crude oil prices” and local supply dynamics.
As a result of these latest adjustments, the majority of active filling station outlets now dispense fuel within the ₦1,365 to ₦1,375 range, providing some relief to motorists who were hit by the sudden spike earlier in the week. Industry observers note that the swift downward revision highlights the sensitivity of the domestic market to both consumer demand and the shifting costs of international crude. DAILY POST reports that “the move was to attract patronage from customers” as the industry continues to navigate the complexities of a deregulated downstream sector.
READ THE FULL STORY DAILY POST