Fuel Price Drop: Filling Stations Slash Petrol Prices

According to Ireporter Online, some filling stations in Ilorin, Kwara State, have adjusted their petrol pump prices downward following a recent reduction in the ex-depot price by the Dangote Refinery.

A market survey conducted on Sunday revealed that outlets operated by NIPCO, Matrix, BOVAS, and Ranoil have reviewed their pump prices to between ₦1,250 and ₦1,280 per litre. This marks a decrease from the previous average price of about ₦1,300 per litre recorded across the area.

However, Nigerian National Petroleum Company Limited (NNPCL) retail stations have yet to reflect the new pricing, as they continue to sell petrol at approximately ₦1,295 per litre at the time of filing this report.

Meanwhile, Dangote Refinery-supported MRS filling stations had earlier on Friday announced a price reduction of ₦76, bringing their pump price to ₦1,241 per litre. The adjustment followed the refinery’s decision to lower its gantry price to ₦1,175 per litre, influenced by a decline in global crude oil prices.

In the international market, West Texas Intermediate crude was reported at about $76 per barrel, while Brent crude hovered around $80 per barrel. The slight rebound in oil prices has been linked to reports of temporary disruptions around the Strait of Hormuz following geopolitical developments involving a peace arrangement connected to former United States President Donald Trump.