Several filling stations across Nigeria have begun reducing petrol pump prices in a fresh bid to attract customers amid stiff competition in the downstream oil sector.
A market survey conducted in Abuja on Thursday showed that major retail outlets, including NIPCO, Eterna and Mobil, adjusted their petrol prices downward from between N1,365 and N1,370 per litre to N1,350 per litre.
The latest adjustment represents a reduction of between N15 and N20 per litre.
The Independent Petroleum Marketers Association of Nigeria confirmed the development, describing it as a market-driven strategy aimed at increasing customer patronage.
Speaking in an interview, the association’s National Publicity Secretary, Chinedu Ukadike, said marketers were compelled to lower prices in order to remain competitive and sustain sales.
According to him, operators sometimes sacrifice part of their profit margins when demand drops in a bid to maintain business activity and recover investments.
“Marketers are reacting to market realities. When customers are not buying as expected, operators are forced to review prices to encourage sales and ensure returns on investment,” he explained.
The latest reduction comes amid persistent fluctuations in domestic petrol prices linked to instability in the global oil market following the prolonged Middle East crisis.
Meanwhile, global crude oil prices recorded a decline on Thursday, with Brent crude falling by nearly three per cent to around $99 per barrel, while West Texas Intermediate dropped to about $93 per barrel.