Nigerian petroleum products marketers have said more filling stations across the country may reduce their petrol pump prices to remain competitive.
The National President of the Petroleum Products Retail Outlets Owners Association of Nigeria, Billy Gillis-Harry, made this known in an interview on Tuesday.
He was 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 fuel price reduction to the drop in the landing cost of the product.
According to him, more petrol retailers may further reduce their pump prices as long as the landing cost continues to decline in a bid to attract customers.
More filling stations are expected to review their petrol prices with favourable landing costs. Filling stations would want to remain competitive,” he said.
Dangote Refinery has pegged its gantry petrol price at N1,215 per litre, while depot owners recently adjusted their ex-depot prices to between N1,215 and N1,225 per litre.
Currently, Nigerians 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 declined to $78 and $75 per barrel, respectively, as of the time of filing this report.
