Nigerian filling stations have dropped petrol prices to attract patronage.
A fuel price market survey by News360 Info 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 said in an exclusive interview.
News360 Info 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.
