More filling stations across Nigeria are expected to reduce their petrol pump prices as the cost of supplying the product continues to decline, petroleum marketers have said.

The National President of the Petroleum Products Retail Outlets Owners Association of Nigeria, Billy Gillis-Harry, said the recent reductions in pump prices by major marketers reflect falling landing costs and increasing competition in the downstream sector.

He explained that more retail outlets are likely to adjust their prices downward if the cost of sourcing petrol remains favourable, as marketers seek to attract and retain customers.

The development follows recent price cuts by the Nigerian National Petroleum Company Limited, MRS and other fuel retailers.

Dangote Refinery currently sells petrol at a gantry price of N1,215 per litre, while depot operators have also lowered their ex-depot prices to between N1,215 and N1,225 per litre.

Despite the reductions at the wholesale level, motorists in Abuja and nearby areas still pay between N1,265 and N1,310 per litre, leaving room for further adjustments if supply costs continue to ease.

The expected price reductions also come as global crude oil prices softened, with Brent crude trading at about $78 per barrel and West Texas Intermediate at around $75 per barrel.