More filling stations across Nigeria are expected to reduce the price of petrol in the coming days, according to petroleum marketers.
The National President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), Billy Gillis-Harry, said the expected price cuts are due to the continued drop in the landing cost of petrol.
Speaking in an interview, Gillis-Harry said filling stations are likely to lower their pump prices to remain competitive and attract more customers.
He explained that as long as the cost of importing petrol continues to fall, retailers will keep adjusting their prices downward.
“More filling stations are expected to review their petrol prices because of the favourable landing cost. They want to remain competitive,” he said.
Recently, the Nigerian National Petroleum Company (NNPC) Limited, MRS and some other marketers reduced the price of petrol at their filling stations.
Dangote Refinery currently sells petrol to marketers at a gantry price of N1,215 per litre, while depot owners have also reduced their ex-depot prices to between N1,215 and N1,225 per litre.
At the moment, petrol is sold at filling stations in Abuja and nearby areas for between N1,265 and N1,310 per litre.
Meanwhile, global crude oil prices have also fallen, with Brent crude trading at about 78 dollars per barrel and West Texas Intermediate (WTI) crude at around 75 dollars per barrel, helping to support the decline in petrol prices.
More filling stations across Nigeria are expected to reduce the price of petrol in the coming days, according to petroleum marketers.
The National President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), Billy Gillis-Harry, said the expected price cuts are due to the continued drop in the landing cost of petrol.
Speaking in an interview, Gillis-Harry said filling stations are likely to lower their pump prices to remain competitive and attract more customers.
He explained that as long as the cost of importing petrol continues to fall, retailers will keep adjusting their prices downward.
“More filling stations are expected to review their petrol prices because of the favourable landing cost. They want to remain competitive,” he said.
Recently, the Nigerian National Petroleum Company (NNPC) Limited, MRS and some other marketers reduced the price of petrol at their filling stations.
Dangote Refinery currently sells petrol to marketers at a gantry price of N1,215 per litre, while depot owners have also reduced their ex-depot prices to between N1,215 and N1,225 per litre.
At the moment, petrol is sold at filling stations in Abuja and nearby areas for between N1,265 and N1,310 per litre.
The expected reduction in pump prices comes as marketers continue to monitor changes in the cost of importing petrol and movements in the international oil market.
Industry operators believe that if the landing cost keeps falling, more filling stations across the country will be forced to lower their prices to stay competitive and attract customers.
Meanwhile, global crude oil prices have also dropped, with Brent crude trading at about 78 dollars per barrel and West Texas Intermediate (WTI) crude selling for around 75 dollars per barrel, a development that could further support lower petrol prices in Nigeria.
