Nigerian petroleum products marketers have reduced their premium motor spirit (PMS) pump prices by at least N10 per litre in a strategic move to attract more customers amid growing competition in the downstream oil sector.
BenriNews observed on Friday that several filling station owners in Abuja have reviewed their fuel prices downwards to remain competitive in the liberalized market environment.
Major Marketers Lead Price Reduction
Major oil marketers including Ranoil, Shafa, and AA Rano filling stations in Abuja now sell petrol at N900 per litre, down from the previous N910 per litre. This price adjustment reflects the new competitive landscape in Nigeria's fuel retail sector.
The spokesperson of the Independent Petroleum Marketers Association (IPMAN), Chinedu Ukadike, described the development as a direct benefit of the liberalization of the oil and gas sector.
"Price modulation is no longer done by the government but by demand and supply," Ukadike stated, highlighting that the era where the government determines PMS prices has ended.
Earlier, Ukadike had projected that PMS prices might decrease further to around N800 per litre as market forces continue to shape pricing strategies.
NNPCL and Dangote Partners Offer Competitive Rates
The Nigerian National Petroleum Company Limited (NNPCL) retail outlets and Dangote Refinery partners such as MRS, AP Ardova, Optima, and Bovas are currently dispensing fuel at between N875 to N895 per litre in Lagos and Abuja, further intensifying the price competition.
According to industry sources, both Dangote Refinery and NNPCL may announce another petrol price reduction after the Eid-Al-Adha celebration to maintain their competitive edge in the market.
This price reduction trend signals a positive development for consumers who have been grappling with high fuel costs in recent months, and indicates that the liberalization of the downstream sector may be yielding benefits for end users.
Market analysts suggest that increased domestic refining capacity, coupled with greater competition among retailers, could lead to further price stabilization in the coming months.
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