Fuel Price War Heats Up as Filling Stations Slash Petrol to Compete with NNPCL

Nigerian filling stations have once again reduced the pump price of Premium Motor Spirit (PMS) in a bid to compete with the Nigerian National Petroleum Company Limited (NNPCL) and other outlets nationwide.

Checks by Fusion Chronicles Nigeria on Wednesday revealed that AA Rano, Ranoil, Emadab, Empire Energy, Total, Mobil, and NIPCO stations across Abuja and its environs have adjusted their prices downward.

AA Rano, Ranoil, Mobil, and NIPCO now sell petrol at ₦890 per litre, down from ₦945, aligning with the pump price at NNPCL retail outlets in the Federal Capital Territory.

Similarly, Empire Energy, Emadab, and Total stations in Gwarimpa have cut their prices to between ₦899 and ₦910 per litre, from the previous ₦945 and ₦935, respectively.

Speaking on the development, the National President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Abubakar Maigandi, attributed the reduction to falling ex-depot and crude oil prices.

“It is due to a drop in the petrol ex-depot price, which stood between ₦820 to ₦845 per litre, and lower crude oil prices,” he explained.

The NNPCL had earlier reviewed its prices downward to ₦890 in Abuja and ₦865 per litre in Lagos, following Dangote Refinery’s ex-depot adjustment to ₦820.

As of Wednesday morning, crude oil prices stood at $66.52 per barrel for Brent and $63 per barrel for West Texas Intermediate (WTI) futures, according to oilprice.com.