Petrol prices may fall below N1,200 per litre in the coming days as fuel marketers prepare for fresh price reductions amid declining global crude oil prices and increased competition in Nigeria’s downstream oil sector.
Industry operators say the recent price cuts by NNPC and Dangote Refinery have triggered a new round of price competition, with some filling stations expected to adjust their pump prices downward this week.
The Independent Petroleum Marketers Association of Nigeria (IPMAN) said petrol prices could gradually move closer to N1,000 per litre if crude oil prices remain low and refiners continue to reduce ex-depot prices.
While no official nationwide price has been announced yet, consumers may begin to see lower pump prices across various filling stations as market conditions continue to improve.
