Several filling stations across Nigeria have reduced petrol pump prices in a bid to attract more customers.
A market survey conducted in Abuja on Thursday revealed that stations operated by NIPCO, Eterna, and Mobil lowered their petrol prices to N1,350 per litre from previous rates ranging between N1,365 and N1,370 per litre.
The latest adjustment represents a reduction of about N15 to N20 per litre.
Confirming the development, Chinedu Ukadike, spokesperson for the Independent Petroleum Marketers Association of Nigeria (IPMAN), said the price cut was driven by competition among marketers seeking increased patronage.
According to him, marketers sometimes sacrifice part of their profit margins when sales decline in order to boost customer turnout and maintain returns on investment.
The price changes come amid continued fluctuations in Nigeria’s domestic fuel market, influenced by the prolonged crisis in the Middle East.
Meanwhile, global crude oil prices also recorded a decline on Thursday, with Brent crude falling close to $99 per barrel and West Texas Intermediate dropping to around $93 per barrel — both down by nearly three percent.