Motorists in Abuja are beginning to see slight relief at the pumps as several major filling stations quietly adjusted their petrol prices downward in a bid to attract more buyers amid stiff competition in Nigeria’s downstream oil sector.
A market survey conducted on Thursday by BrandIconImage revealed that outlets operated by NIPCO, Eterna and Mobil reduced the pump price of Premium Motor Spirit (PMS), commonly known as petrol, to N1,350 per litre. The stations had previously sold the product for between N1,365 and N1,370 per litre.
The latest adjustment represents a reduction of between N15 and N20 per litre, a move industry observers say reflects the increasing struggle among marketers to maintain customer traffic as consumers become more price-sensitive.
The spokesperson of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Chinedu Ukadike, confirmed the development, explaining that marketers are responding to market realities and declining patronage.
“Sometimes you have to pay the cost when people are not patronizing you, no matter how much value you buy. You lose some of your profits to see whether you can sell and have a return on investment,” Ukadike said in an exclusive interview with BrandIconImage.
According to industry stakeholders, the price cuts may appear modest, but they signal the growing pressure on fuel retailers following months of unstable pricing across the country. Since the deregulation of Nigeria’s downstream petroleum sector, pump prices have continued to fluctuate based on supply costs, foreign exchange volatility and developments in the international oil market.
Analysts note that many independent marketers are now forced to adopt flexible pricing strategies to stay competitive, especially in urban centres such as Abuja where consumers can easily compare pump prices before purchasing fuel.
The development also comes against the backdrop of continued uncertainty in the global energy market. Tensions in the Middle East, which have persisted for more than two months, continue to influence crude oil prices and fuel supply chains worldwide.
Despite the geopolitical concerns, global crude prices recorded a decline on Thursday. Brent crude fell by nearly three percent to around $99 per barrel, while West Texas Intermediate (WTI) dropped to about $93 per barrel.
Energy experts say the decline in crude prices could eventually ease pressure on domestic fuel costs if sustained, although exchange rate challenges and import-related expenses remain major determinants of petrol pricing in Nigeria.
For many Nigerians already battling rising transportation and living costs, even a slight reduction in petrol prices is expected to bring temporary relief, particularly for commercial drivers and small business operators who rely heavily on fuel for daily operations.