Filling stations across Nigeria have begun reducing the pump price of Premium Motor Spirit, barely 24 hours after implementing an upward review that drew public concern.
As reported by Daily Post, findings on Saturday indicated that several marketers in Abuja, including Ranoil and Empire Energy, adjusted their pump prices downward to between N1,365 and N1,375 per litre, from the N1,440 per litre sold on Friday.
The adjustment represents a reduction of between N65 and N75 per litre, a move industry sources attributed to efforts to regain customer patronage amid stiff competition.
The latest development comes just days after petrol prices surged nationwide, following an increase in ex-depot rates by the Dangote Refinery and depot operators, which pushed prices to about N1,275 and N1,290 per litre.
Subsequently, the Nigerian National Petroleum Company Limited, alongside MRS and Bovas outlets, reviewed their retail prices to around N1,365 per litre, while some marketers sold above N1,440 per litre.
However, with the recent downward adjustment by key operators, most filling stations now dispense petrol within the N1,365 to N1,375 per litre range.
The fluctuation in domestic fuel prices continues to mirror movements in the global oil market, where Brent crude and West Texas Intermediate recently climbed to $114 and $105 per barrel before easing to $108 and $101, respectively.