Several filling stations across the country have lowered their pump price of petrol as marketers adjust to changing market conditions and competition for customers.

A market check showed that outlets operated by NIPCO Plc, Eterna Plc, and Mobil Nigeria reduced their petrol price to about N1,350 per litre from previous rates of between N1,365 and N1,370.
The adjustment represents a cut of roughly N15 to N20 per litre.

Reacting to the development, the spokesperson of the Independent Petroleum Marketers Association of Nigeria, Chinedu Ukadike, said the decision by marketers was largely driven by the need to attract customers in a competitive market.
He explained that when sales volumes drop, retailers sometimes lower prices and sacrifice part of their profit margin to boost patronage and ensure steady turnover.

Ukadike noted that such price movements are common in a deregulated environment where marketers respond quickly to demand patterns and market realities.

The changes also come amid shifts in the global oil market, with crude oil benchmarks such as Brent and West Texas Intermediate recording declines of nearly three percent, trading around $99 and $93 per barrel respectively.

Industry watchers say the combination of international oil price movements and local competition continues to shape retail petrol pricing across Nigeria.