Nigerian motorists may soon enjoy another reduction in the pump price of Premium Motor Spirit (PMS), with petroleum marketers indicating that prices could fall to nearly ₦1,000 per litre if global crude oil prices continue their downward trend.
The development follows a series of recent price cuts in Nigeria’s downstream petroleum sector. The Nigerian National Petroleum Company Limited (NNPCL) recently reduced its retail petrol price to ₦1,210 per litre, just days after Dangote Refinery lowered its ex-depot (gantry) price to ₦1,125 per litre.
The latest adjustments come amid growing calls from Nigerians for lower fuel prices as international crude oil prices eased to around $73 per barrel, down from over $100 per barrel following a reduction in tensions in the Middle East.
An official at an MRS filling station in Abuja, who spoke on condition of anonymity, disclosed that the company is expected to announce another price reduction by Tuesday or Wednesday, with pump prices likely to range between ₦1,191 and ₦1,201 per litre.
Confirming the possibility of further reductions, the National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Chinedu Ukadike, said petrol prices could eventually decline to ₦1,000 per litre—or even lower—if crude oil prices continue to fall.
According to Ukadike, the current pricing structure is largely influenced by refiners and importers, while marketers are driven by competition to offer consumers more affordable prices.
“The price is coming down gradually. It is possible that petrol could sell for ₦1,000 per litre or even less if crude oil prices continue to decline and refiners and depot owners adjust accordingly. It is simply based on the forces of demand and supply,” he said.
Meanwhile, the Federal Competition and Consumer Protection Commission (FCCPC) has warned petroleum marketers against exploiting consumers or engaging in profiteering amid the ongoing price adjustments.
As of Monday evening, petrol sold between ₦1,210 and ₦1,300 per litre across Abuja and surrounding areas, while Brent crude traded at approximately $72 per barrel and West Texas Intermediate (WTI) hovered around $70 per barrel.
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