Filling Stations Cut Petrol Price

Some filling stations in Ilorin, Kwara State, have reduced their petrol pump prices following the recent reduction in the gantry price of Premium Motor Spirit (PMS) by Dangote Refinery.

The adjustment came about five days after the refinery announced a cut in its petrol pricing, prompting some independent petroleum marketers to review their retail prices.

A market survey conducted in Ilorin on Sunday showed that major outlets including NIPCO, Matrix Energy, BOVAS & Company and Ranoil had reduced their pump prices to between ₦1,250 and ₦1,280 per litre.

The new prices represent a reduction from the previous average retail price of about ₦1,300 per litre in the city.

However, retail outlets belonging to Nigerian National Petroleum Company Limited (NNPCL) had not adjusted their prices at the time of filing the report.

NNPCL stations were still dispensing petrol at about ₦1,295 per litre.

The price movement followed Dangote Refinery’s decision to reduce the gantry price of petrol to ₦1,175 per litre, a move attributed to changes in global crude oil market conditions.

Similarly, MRS Oil Nigeria, which sells Dangote-backed products, had earlier reduced its petrol price by ₦76 to ₦1,241 per litre.

The development has generated expectations among consumers that more filling stations may follow the trend and further reduce pump prices across different parts of the country.

Meanwhile, global oil market developments continue to influence fuel pricing, with crude oil prices experiencing fluctuations amid international events affecting supply and demand.

Consumers are now watching closely to see whether the price reduction spreads nationwide and leads to further relief at the pump.