By Sandra Kenneth
Motorists and consumers across Port Harcourt and other parts of Nigeria are beginning to experience relief as more petroleum retail outlets cut pump prices to maintain market competitiveness following recent market adjustments.
A survey of filling stations across Port Harcourt revealed that several outlets have reduced their fuel prices by N15 to N20 per litre. Prices previously hovering around N1,300 per litre have now dropped to between N1,280 and N1,285 per litre, while other independent marketers are selling at N1,290.
This local downward trend follows the recent price reduction announced by the Nigerian National Petroleum Company Limited (NNPCL), alongside major retailers such as MRS.
Landing Cost Reduction Drives Competition
Reacting to the trend, the National President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), Billy Gillis-Harry, confirmed that more filling stations are expected to lower their prices to retain customers.
Speaking in an interview, Gillis-Harry attributed the drop to a decrease in the landing cost of Premium Motor Spirit (PMS).
“More filling stations are expected to review their petrol prices with favourable landing costs. Filling stations would want to remain competitive,” Gillis-Harry stated, adding that retailers will continue to pass savings on to consumers as long as landing costs fall.
Wholesale Price Adjustments
The retail price cuts coincide with price recalibrations upstream:
- Dangote Refinery set its gantry petrol price at N1,215 per litre.
- Depot Owners adjusted ex-depot prices to range between N1,215 and N1,225 per litre.
- Abuja & Environs report retail pump prices ranging between N1,265 and N1,310 per litre.
The price adjustments come amid a global drop in crude oil benchmarks, with Brent and West Texas Intermediate (WTI) crude declining to $78 and $75 per barrel, respectively.
