By Joy Yesufu
More filling stations in Abuja and its environs have reduced the pump price of Premium Motor Spirit (PMS), popularly known as petrol, as marketers intensify competition for customers amid shifting market dynamics.
A market survey conducted on Thursday revealed that major marketers, including Emedab, Rainoil, Empire Energy, TotalEnergies and AA Rano, have adjusted their pump prices downward to between N1,330 and N1,350 per litre, from previous levels above N1,360 per litre.
The latest adjustments represent price reductions of between N10 and N30 per litre, offering motorists modest relief from the rising cost of transportation and living.
The development follows similar reductions by other marketers, including MRS, NNPC Retail and NIPCO, which last week lowered their pump prices to between N1,317 and N1,335 per litre.
Industry observers attribute the downward trend largely to recent price cuts at the Dangote Refinery, which reduced its ex-depot (gantry) petrol price, prompting retailers to review their pricing structures in order to remain competitive.
Commenting on the development, the National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Chinedu Ukadike, said fuel prices may continue to fluctuate in response to developments in the international crude oil market.
According to him, uncertainties arising from geopolitical tensions in the Middle East, particularly involving Iran, Israel and the United States, could continue to influence global oil prices and, by extension, domestic petroleum product pricing.
As of Thursday, Brent crude traded at approximately $92.02 per barrel, while the United States benchmark, West Texas Intermediate (WTI), stood at $89.11 per barrel.
Market analysts say the growing competition among fuel marketers is likely to sustain price adjustments in the near term, especially as operators seek to attract customers and maintain market share in an increasingly deregulated downstream petroleum sector.
