The Digest:
Nigerian filling stations have reduced petrol prices to attract patronage, with prices dropping to N1,295 per litre in Abuja and environs from N1,330, a reduction of N35. AA Rano, Ranoil, and Mobil filling stations have reflected the price adjustment, while major players like NNPCL, MRS, AP Ardova, and NIPCO have been dispensing at N1,290 to N1,295 for weeks. Independent Petroleum Marketers Association president Abubakar Maigandi said the reduction is to boost patronage.
Key Points:
- Fuel prices have been relatively stable since April 9 despite crude oil volatility.
- West Texas Intermediate and Brent crude stood at $94 and $105 per barrel.
- The price adjustment is competitive among major downstream players.
- The reduction aims to attract more customers to filling stations.
- The Strait of Hormuz uncertainty continues to affect crude oil prices.
Nigerian consumers are seeing modest relief at the pump amid global oil volatility.
Sources: Daily Post, Vanguard
