The Digest:
Nigerian filling stations reduced their Premium Motor Spirit (petrol) prices on Saturday, barely 24 hours after a previous hike. Checks by DAILY POST showed that Ranoil, Empire Energy, and other filling stations in Abuja adjusted their petrol pumps to between N1,365 and N1,375 per litre, down from N1,440 per litre on Friday, a drop of N65 to N75 per litre. The move was to attract customer patronage. Three days ago, filling stations raised prices to between N1,365 and N1,440 nationwide after Dangote Refinery increased ex-depot prices to around N1,275 per litre.
Key Points:
- Consumers in Abuja see immediate relief with lower pump prices.
- Competition among marketers drives down prices to attract customers.
- The price drop follows a brief spike triggered by Dangote's ex-depot hike.
- Crude oil prices have eased from recent highs, influencing domestic fuel costs.
- Most filling station outlets now dispense petrol between N1,365 and N1,375 per litre.
Watch whether the price reduction spreads to other states and how crude oil price movements affect future pump prices.
Sources: Daily Post, Daily Trust
