Filling Stations Cut Petrol Price

Some filling stations in Ilorin, Kwara State, have reduced their petrol pump price five days after Dangote Refinery cut its gantry price.

Naija News reports that a market survey on Sunday showed that NIPCO, Matrix, BOVAS and Ranoil filling stations had reduced their pump price to between ₦1,250 and ₦1,280 per litre.

The price was previously sold at about ₦1,300 per litre in the area.

However, retail outlets of the Nigerian National Petroleum Company Limited (NNPCL) have yet to reduce their pump price.

NNPCL stations were still selling petrol at ₦1,295 per litre as of the time of filing this report.

Dangote Refinery-backed MRS filling stations had on Friday reduced their petrol price by ₦76 to ₦1,241 per litre.

The reduction followed Dangote Refinery’s decision to cut the gantry price of petrol to ₦1,175 per litre after a decline in global crude oil prices.

As of the time of filing this report, West Texas Intermediate stood at $76 per barrel, while Brent crude traded around $80 per barrel.

Oil prices had recorded a slight increase after Iran reportedly shut the Strait of Hormuz days after a peace deal involving United States President Donald Trump.