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Fuel Prices Drop In Abuja As Filling Stations Adjust Rates Following NNPCL Cut
Independent fuel retailers in Nigeria have started adjusting their pump prices downward following a recent rate reduction by the state-owned oil firm, according to Daily Post.
A market check conducted by the news outlet on Sunday revealed that filling stations such as AA Rano, Sharon, and Shema reduced their Premium Motor Spirit prices from N1,420 to N1,410 per litre. This change represents a modest reduction of N10 per litre for consumers purchasing petrol in Abuja and neighboring locations.
The price adjustments by private marketers come shortly after the Nigerian National Petroleum Company Limited lowered its retail fuel rates by between N45 and N80 per litre. NNPCL stations currently offer petrol at N1,325 per litre, which stands as the lowest rate available in the nation's capital and its surrounding districts.
Daily Post further reported that other major dispensing outlets, including Mobil, Ranoil, Empire, AP Ardova, and MRS, have been selling petrol at prices ranging from N1,395 to N1,420 per litre. However, MRS filling stations had not yet implemented a downward review as of the time of the report, despite the latest price drops from Dangote Refinery.
Additionally, the publication observed that international crude oil benchmarks, including Brent crude and West Texas Intermediate, were both trading below $100 per barrel on Sunday evening.
Sources: Daily Post
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