Petrol prices have continued to ease across parts of Nigeria as MRS filling stations and other petroleum outlets introduced fresh reductions in their pump prices.
A market survey by BrandIconImage on Monday showed that MRS filling stations reduced the price of petrol to N1,210 per litre in Abuja and surrounding areas, down from the previous price of N1,260 per litre.
The latest adjustment represents a N50 reduction per litre, bringing MRS’s pump price closer to the new price levels emerging across the downstream petroleum market.
Similarly, AA Rano and other filling stations operating along the Kubwa Expressway in Abuja also reviewed their prices downward on Monday.
The outlets reduced the price of petrol by about N25 per litre, bringing the product to approximately N1,275 per litre.
The latest reductions come days after Dangote Petroleum Refinery announced cuts in the prices of petrol and Automotive Gas Oil, AGO, commonly known as diesel.
Kate Roland
The refinery’s latest price adjustment has continued to influence pricing across the downstream market, with several petroleum marketers responding by reviewing their pump prices.
The development is also the second significant round of price cuts recorded at some filling stations within a relatively short period.
Recall that about eight days ago, MRS and other filling stations had reduced their petrol prices by between N25 and N45 per litre following an earlier adjustment in the market.
The repeated downward revisions suggest that competition among petroleum marketers and changes in ex-depot pricing are increasingly being reflected in retail pump prices.
For motorists and other consumers, the latest reductions could provide some relief, particularly as petrol prices have a direct impact on transportation costs, logistics and the prices of goods and services across the country.