Filling Stations Cut Petrol Prices Amid Competition for Customers

Several filling stations in Abuja have reduced petrol prices in a fresh move to attract customers as competition intensifies in Nigeria’s downstream oil sector.

Checks on Thursday showed that major marketers including NIPCO, Eterna and Mobil adjusted pump prices downward from between N1,365 and N1,370 per litre to N1,350 per litre.

The latest adjustment represents a reduction of between N15 and N20 per litre across several retail outlets in the capital city.

Spokesperson of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Chinedu Ukadike, confirmed the price cuts and attributed the development to market competition and the need for marketers to sustain customer patronage.

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According to him, some filling stations were compelled to lower prices after experiencing low sales due to stiff competition among operators.

“Sometimes you have to pay the cost when people are not patronizing you, no matter how much value you buy. You lose some of your profits to see whether you can sell and have a return on investment,” Ukadike said.

The latest development comes amid continued fluctuations in domestic petrol prices following prolonged tensions in the Middle East, which have continued to impact global crude oil markets.

On Thursday, Brent crude and West Texas Intermediate (WTI) prices reportedly declined by nearly three per cent to around $99 and $93 per barrel respectively, offering some relief to global energy markets.

Industry observers say the decline in international crude prices and increasing competition among marketers may continue to influence pump prices in the coming weeks.

Motorists in Abuja welcomed the reduction, describing it as a slight relief amid rising transportation and living costs across the country.