Marketers Reduce Petrol Prices in Abuja

 

Marketers have reportedly reduced the price of Premium Motor Spirit, otherwise known as petrol.

 

The reduction in price took place in some retail outlets in the Federal Capital Territory, FCT, Abuja.

 

DAILY POST correspondent who visited several retail outlets observed that the petrol pump price was reduced from between N1,100 and N1,150 per litre to N1,080 and N1,090. This represents a reduction of between N10 and N60 depending on the retail outlet.

 

Specifically, Empire Filling Station at Gwarimpa Junction slashed its price marginally to N1,090 per litre from N1,129, indicating a N39 reduction.

 

Also, Ranoil filling station in Gwarimpa dropped its petrol price to N1,080 per litre from N1,100.

 

The President of Petroleum Products Retail Outlets Owners Association, PETROAN, Billy Gillis-Harry, confirmed that the petrol pump price has dropped in its members’ retail outlets.

 

He said that PETROAN is committed to making sure Nigerians get petrol at affordable prices.

 

“We are hoping that we should have more PMS price reduction. We are bent on making sure that Nigerians get the best price, and we will keep negotiating,” he told DAILY POST in an exclusive interview on Wednesday.

 

Ibrahim Muddasir, an Abuja resident, confirmed the development.

“I noticed most filling stations are reducing their petrol prices. Although the margin of reduction is small, it is significant,” he told DAILY POST.

 

This comes after DAILY POST reported on Saturday that the Nigerian National Petroleum Company Limited, NNPCL, reduced the pump price by N20 to N1040 per litre across all its retail outlets in Abuja.

 

The ‘price cut spree’ follows the rollout of petrol from Dangote Refinery and Port Harcourt Refinery in September and November, respectively.

 

The former Managing Director of Nigerian National Petroleum Company Limited Retail, Prof. Billy Okoye, earlier speculated that fuel price reduction is imminent with the coming on stream of the Port Harcourt and Dangote refineries.

 

Recall that the Independent Petroleum Marketers Association of Nigeria, IPMAN, and Petroleum Products Retail Outlets Owners Association, PETROAN, had hinted that deregulation of the sector with Dangote and Port Harcourt refineries would lead to a petrol price drop.