Petrol price reduces
Petrol prices have reduced at some filling stations in Abuja as fuel retailers adjust their rates to attract more buyers.
A market check on Thursday showed that stations such as NIPCO, Eterna and Mobil reduced their pump price to N1,350 per litre.
This is lower than the previous range of about N1,365 to N1,370 per litre.
The reduction means that motorists are now paying about N15 to N20 less per litre compared to earlier prices.
The Independent Petroleum Marketers Association of Nigeria said the change was part of normal market competition.
A spokesperson for the group explained that marketers sometimes reduce prices when sales slow down so they can bring in more customers and recover costs through higher volume of sales rather than higher margins.
The association also noted that petrol pricing in the country continues to move up and down due to changes in the global oil market.
It added that crude oil prices have recently dropped slightly, with Brent crude trading around $99 per barrel and West Texas Intermediate around $93 per barrel.
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