More petrol stations across Nigeria have reduced the price of Premium Motor Spirit (PMS) as market competition continues to drive adjustments in the downstream sector.
A market check on Thursday revealed that outlets such as Emedab, Rainoil, Empire Energy, TotalEnergies, and AA Rano have lowered pump prices to between ₦1,330 and ₦1,350 per litre in Abuja and surrounding areas. This marks a drop from previous rates of above ₦1,360 per litre.
The latest adjustment reflects a reduction of about ₦10 to ₦30 per litre across the affected stations.
This development comes shortly after other major players, including MRS Oil Nigeria, Nigerian National Petroleum Company Limited retail outlets, and NIPCO stations, had already reviewed prices downward to between ₦1,317 and ₦1,335 per litre.
Industry analysts link the ongoing price changes to earlier reductions in ex-depot prices by the Dangote Refinery, which triggered a ripple effect across retail outlets.
Reacting to the trend, the Independent Petroleum Marketers Association of Nigeria noted that fuel prices are likely to remain unstable in the coming weeks due to persistent global crude oil fluctuations and geopolitical tensions.
Meanwhile, international oil benchmarks showed a decline, with Brent crude oil and West Texas Intermediate crude oil trading at $92.02 and $89.11 per barrel respectively at the time of reporting.