Several filling stations across Nigeria have begun reducing petrol prices in a bid to attract customers as competition intensifies in the downstream oil sector.
A market survey conducted in Abuja on Thursday revealed that major marketers, including NIPCO, Eterna Plc and Mobil, adjusted their pump prices downward from between N1,365 and N1,370 per litre to N1,350 per litre.
The development represents a reduction of between N15 and N20 per litre.
Confirming the adjustment, the spokesperson of the Independent Petroleum Marketers Association of Nigeria, Chinedu Ukadike, said the price cuts were largely driven by market competition and declining patronage.
According to him, marketers are being forced to sacrifice part of their profit margins to maintain sales and sustain business operations.
“Sometimes you have to bear the cost when customers are not patronizing you. Regardless of the volume purchased, marketers may have to lose part of their profits just to ensure product sales and secure returns on investment,” he said.
The latest reduction comes amid continued fluctuations in domestic fuel prices, largely influenced by instability in the international crude oil market following the prolonged Middle East crisis.
Meanwhile, global oil prices recorded a decline on Thursday, with Brent crude falling by nearly three percent to $99 per barrel, while West Texas Intermediate dropped to $93 per barrel.
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