Filling stations across Nigeria, particularly those under the Independent Petroleum Marketers Association of Nigeria (IPMAN), have reduced the pump price of Premium Motor Spirit (PMS) for the second time this week in a bid to woo customers.
Confirming the development on Friday, IPMAN’s National President, Abubakar Maigandi, said the price now ranges between ₦860 and ₦870 per litre in Lagos, while in Abuja it sells for between ₦895 and ₦900 per litre.
He attributed the fresh adjustment to Dangote Refinery’s decision to slash its ex-depot price from ₦850 to ₦820 per litre.
“Our members effected another round of reductions following Dangote Refinery’s latest price cut. In Lagos, the price is now ₦860–₦870, while in Abuja it is ₦895–₦900 per litre. Stations yet to adjust are still selling old stock,” Maigandi explained.
This follows Thursday’s report that MRS, Empire, and Ranoil stations had reduced prices to between ₦885 and ₦945 per litre in Abuja. By Friday, more operators including Empire, Ranoil, Mobil, and AA Rano had adjusted further, selling between ₦890 and ₦920 per litre.
The Nigerian National Petroleum Company Limited (NNPCL) also announced new retail prices on Thursday, pegging petrol at ₦865 in Lagos and ₦890 in Abuja.
The wave of reductions comes after Dangote Refinery’s announcement on Tuesday slashing its ex-depot price by ₦30 per litre, from ₦850 to ₦820.
Leave a comment