Nigerian filling stations reduce their petrol price on Saturday, just 24 hours after dem hike am. According to checks by DAILY POST, Ranoil and Empire Energy for Abuja adjust their pump price to N1,365 and N1,375 per litre, down from N1,440 wey dem sell on Friday. Dis one mean say marketers drop fuel price by N65 to N75 per litre.
DAILY POST report say di move na to attract customers. Recall say three days ago, filling stations raise petrol price to between N1,365 and N1,440 nationwide after Dangote Refinery and depot owners increase ex-depot price to around N1,275 and N1,290 per litre. While NNPCL and MRS Bovas raise dia price to around N1,365, others adjust to above N1,440.
But now, with Ranoil and Empire Energy drop price, most filling stations dey sell petrol between N1,365 and N1,375 per litre. Dis development come as crude oil prices still dey affect Nigeria domestic fuel price. Brent and West Texas Intermediate crude rise to $114 and $105 per barrel before dropping to $108 and $101.
Meanwhile, Vanguard report say Nigerians fit face fresh fuel price hike as global crude oil record momentary uptick because of US-Iran war. Tension heighten after Israel Defence Minister talk say dem fit act again for Iran. Olatide Jeremiah say higher crude prices increase cost of importing petrol, diesel, and aviation fuel, wey go put pressure on landing costs and replacement costs for marketers.
Checks by Vanguard show say petrol price don rise to N1,300 per litre from N1,250 for many filling stations for Lagos. Dangote Refinery also increase ex-depot price of petrol to N1,275 and diesel to N1,800 per litre, following Brent crude jump to $125 per barrel. Di refinery suspend loading operations, wey dey add to pricing pressure.
Industry operators say di combination of global oil price spikes and suspension of loading activities dey feed immediate pricing pressure across Nigeria downstream market. Analysts advise consumers and businesses to brace for renewed pressure unless global supply concerns ease.
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