For instance, Empire Filling Station at Gwarimpa Junction has slightly reduced its price to N1,090 per litre from N1,129, marking a decrease of N39. Similarly, Ranoil filling station in Gwarimpa has lowered its petrol price to N1,080 per litre from N1,100.
Billy Gillis-Harry, President of the Petroleum Products Retail Outlets Owners Association (PETROAN), confirmed the price drop at the retail outlets of its members. He emphasized PETROAN's commitment to ensuring that Nigerians have access to affordable petrol.
“We are optimistic about further reductions in PMS prices. Our goal is to ensure that Nigerians receive the best possible prices, and we will continue our negotiations,” he stated in an exclusive interview on Wednesday.
The Independent Petroleum Marketers Association of Nigeria (IPMAN) and the Petroleum Products Retail Outlets Owners Association (PETROAN) have indicated that the deregulation of the sector, along with the operations of the Dangote and Port Harcourt refineries, is expected to result in a decrease in petrol prices.
Ibrahim Muddasir, a resident of Abuja, corroborated this development, saying, “I have observed that many filling stations are lowering their petrol prices. While the reductions may be modest, they are still meaningful.”
This price adjustment follows a report from BrandIconImage on Saturday, indicating that the Nigerian National Petroleum Company Limited (NNPCL) had reduced its pump price by N20 to N1,040 per litre across all its retail outlets in Abuja.
The recent price cuts come in the wake of petrol being supplied from the Dangote Refinery and the Port Harcourt Refinery in September and November, respectively. Former Managing Director of NNPCL Retail, Prof. Billy Okoye, had previously suggested that a reduction in fuel prices was likely with the operational commencement of the Port Harcourt and Dangote refineries.