FCT oil marketers begin to pump price reduction by N20

Some oil marketers in the Federal Capital Territory (FCT) have begun to reduce the pump price of Premium Motor Spirit (PMS), popularly known as petrol, by between N20 and N25 per litre.

Checks by newsmen on Sunday in Abuja showed that MRS had reduced its pump price by N25 per litre, from N1,395 to N1,370.

NNPC also reduced its pump price to N1,395 per litre, while Mabso sold petrol at N1,388 per litre.

Similarly, AY Shafa reduced its pump price to N1,420 per litre from N1,430 per litre, while NIPCO retail out cut its price from N1,430 per litre to N1,410 per litre.

The latest price adjustments point to a continued downward movement in the petrol wholesale market, with lower depot prices beginning to feed into pump prices in some parts of the country.

Meanwhile, Brent crude fell by 2.28 dollars, or 2.14 per cent, to 104.30 dollars per barrel from 106.58 dollars.

West Texas Intermediate (WTI) also declined by 1.79 dollars, or 1.89 per cent, to 92.82 dollars barrel from 94.61 dollars.

Mr Chinedu Ukadike, National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN) said marketers would continue to adjust to prevailing market conditions.

He said marketers would also seek ways to remain competitive and sustain their businesses.

According to him, the major challenge facing independent marketers is the volatility of the market, as many operators had purchased petroleum products before the latest decline in prices.

He said members of the association would continue to cushion the effect of the loss and also continue to find a way to be in business.

He said the situation was part of the realities of a deregulated market, where competition and market forces determine prices.