Some filling stations in Abuja and neighbouring areas have reduced their petrol prices as competition intensifies in Nigeria’s downstream oil market.

AA Rano and Mobil are among the outlets that have adjusted their pump prices downward, with the two companies now selling petrol at N1,420 and N1,410 per litre respectively.

AA Rano previously sold the product at N1,450 per litre, while Mobil’s price stood at N1,435 per litre.

The latest adjustments represent reductions of N30 per litre for AA Rano and N25 per litre for Mobil.

The price cuts come amid a decline in international crude oil prices, with Brent crude trading at around $103 per barrel and West Texas Intermediate at about $100.30 per barrel at the time of the report.

Lower crude prices can reduce the cost of imported petroleum products and put pressure on local fuel retailers to review pump prices, particularly as filling stations compete for customers.

Petrol prices across Nigeria have continued to vary from one location and retailer to another, with recent pump prices generally ranging between N1,395 and N1,450 per litre.