Several petrol stations across Nigeria have reduced their retail prices, offering some relief to consumers.
A survey conducted on Monday revealed that Ranoil and Empire Energy have adjusted their prices. Ranoil’s petrol is now selling for N1,370 per liter, a decrease of N70 from its previous price of N1,440.
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Similarly, Empire Energy has lowered its price by N37, now dispensing at N1,383 per liter, down from N1,430.
A station manager, who spoke on the condition of anonymity, explained to reporters that the price adjustment was a strategic move to stay competitive within the country’s downstream oil sector.
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These reductions bring the stations’ pricing closer to that of other major retailers. For comparison, the Nigerian National Petroleum Company Limited (NNPCL) and MRS filling stations are currently selling petrol at N1,361 and N1,367 per liter, respectively.
The recent downward trend in global crude oil prices has also sparked optimism that the Dangote Refinery might lower its ex-depot price, which was set at N1,245 per liter following several increases in March.
