Nigerian gas stations lower fuel prices in response to market forces.

More Nigerian filling stations have significantly lowered the price of premium motor spirit at their pumps to stay competitive and attract customers.

A market survey conducted by DAILY POST on Thursday revealed that stations such as Emedab, Rainoil, Empire Energy, Total, and AA Rano have reduced their prices to between N1,330 and N1,350 per litre, down from above N1,360 per litre in Abuja and its surrounding areas.

These adjustments mean the stations have cut their petrol prices by between N10 and N30 per litre.

Previously, MRS, Nigerian National Petroleum Company Limited, NIPCO stations, retail outlets, and other filling stations had lowered their prices to a range of N1,317 to N1,335 per litre the week before.

The reduction follows the Dangote Refinery’s earlier decision to slash its gantry petrol price, which subsequently pushed retail prices lower.

Speaking on the development, Chinedu Ukadike, spokesperson for the Independent Petroleum Marketers Association of Nigeria, said the commodity’s price would continue to fluctuate as the ongoing crisis involving Iran, the United States, and Israel in the Middle East persists.

Brent and West Texas Intermediate crude oil prices were reported at $92.02 and $89.11 per barrel, respectively, at the time of filing this report.