Motorists have received some relief after MRS and AA Rano reduced petrol pump prices following fresh price cuts by fuel depots.

A market survey showed that MRS filling stations in Abuja lowered the price of Premium Motor Spirit (PMS) by N40 per litre to N1,265 from N1,305. The new price was observed at the company’s outlets in Kubwa and along the Lugbe Expressway.

AA Rano also reduced its pump price by N30 per litre, bringing the cost of petrol down to N1,300 per litre from N1,330.

The reductions followed lower ex-depot prices by several marketers, with many operators moving their rates closer to Dangote Refinery’s gantry price of N1,215 per litre. Industry pricing data showed that depots such as Pinnacle, Shema and Gulf Treasure now sell petrol at about N1,216 per litre, while Emadeb and other suppliers are offering the product between N1,217 and N1,222 per litre.

The increased competition in the downstream sector comes despite rising global crude oil prices. Brent crude recently traded above $90 per barrel, while West Texas Intermediate (WTI) approached $85 per barrel amid renewed geopolitical tensions in the Middle East.

Although higher crude prices typically increase fuel costs, the growing competition among local refiners, depots and marketers has helped keep domestic petrol prices under pressure, raising hopes of further reductions in the coming weeks.

Meanwhile, recent data from the Major Energies Marketers Association of Nigeria (MEMAN) showed that imported petrol now costs more than fuel supplied by Dangote Refinery. The association put the landed cost of imported petrol at N1,223.32 per litre, above Dangote Refinery’s ex-depot price of N1,215 per litre, strengthening calls for greater reliance on locally refined petroleum products.