BREAKING: Nigerian filling stations reduce petrol, IPMAN reacts

Nigerian filling stations have dropped petrol prices to attract patronage.

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A fuel price market survey by DAILY POST on Thursday showed that NIPCO, Eterna and Mobil filling stations in Abuja reduced their petrol prices to N1,350 per litre from between N1,365 and N1,370 per litre.

This means that the fuel retail outlets on Thursday cut prices by between N15 and N20 per litre.

The spokesperson of the Independent Petroleum Marketers Association of Nigeria, IPMAN, Chinedu Ukadike, confirmed the petrol price adjustment.

He explained that the decision by marketers to drop prices was a competitive move to attract patronage.

“Sometimes you have to pay the cost when people are not patronizing you, no matter how much value you buy. You lose some of your profits to see whether you can sell and have a return on investment,” he told DAILY POST in an exclusive interview.

DAILY POST reports that domestic petrol price fluctuations persist as the Middle East crisis continues after more than two months of escalation.

Brent and West Texas Intermediate prices on Thursday dropped by nearly 3 percent to $99 and $93 per barrel, respectively.