Oil & Gas

1. Petrol Prices Fall Again as Major Filling Stations Cut Pump Rates Across Nigeria
   
   Motorists across parts of Nigeria are beginning to experience relief at the pumps following fresh reductions in petrol prices by several filling stations, including outlets supplied by Dangote Refinery.
   
   A market survey indicates that MRS filling stations in Abuja have lowered their pump price to ₦1,265 per litre, representing a ₦40 reduction from the previous price of ₦1,305 per litre. The new price has already taken effect at outlets in areas such as Kubwa and along the Lugbe Expressway.
   
   Other marketers have also adjusted their prices. AA Rano filling stations reportedly reduced their pump price by ₦30 per litre, bringing the retail price down to ₦1,300 per litre from ₦1,330 per litre.
   
   The latest adjustments come after a period of rising fuel prices driven by fluctuations in the international crude oil market. Industry observers believe the renewed competition among marketers and improved product availability are beginning to ease pressure on retail prices.
   
   The development also follows Dangote Refinery’s recent move to expand petrol distribution across several states, including the Federal Capital Territory (FCT). The refinery has continued to supply products at competitive rates, a move many analysts believe is encouraging marketers to review their pump prices.
   
   At the wholesale level, depot prices have remained relatively stable, with reports indicating that petrol is currently sold at around ₦1,217 to ₦1,222 per litre at several major depots. These wholesale prices are expected to influence retail pricing as marketers adjust to changing market conditions.
   
   Industry stakeholders say the current trend could benefit consumers if supply remains steady and international crude oil prices do not witness another sharp increase. However, they also note that exchange rate movements, logistics costs, and global oil market dynamics will continue to play a major role in determining future pump prices.
   
   For many Nigerians, the latest price reductions offer a measure of relief amid the high cost of transportation and the broader cost-of-living challenges affecting households and businesses.
   
   Published by: ProlificX Premium Network
   
   

Cooking Gas Prices Decline in Abuja, Nearby Areas as LPG Supply Improves

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Cooking Gas Prices Decline in Abuja, Nearby Areas as LPG Supply Improves

The cost of Liquefied Petroleum Gas (LPG), commonly known as cooking gas, has fallen in parts of the Federal Capital Territory (FCT) and neighbouring communities in recent weeks, providing some relief to households and businesses.

Market checks indicate that some filling stations in Abuja now sell cooking gas for as low as ₦1,300 per kilogram, compared with previous prices that ranged between ₦1,450 and ₦1,500 per kilogram just a few weeks ago.

Price variations still exist across retail outlets. Some major marketers are dispensing LPG within a range of ₦1,300 to ₦1,400 per kilogram, depending on location and company pricing.

The downward trend is also noticeable at the wholesale level. Depot operators are reportedly selling LPG at prices below recent highs, with wholesale rates now hovering between ₦997 and ₦1,030 per kilogram, down from around ₦1,100 per kilogram recorded earlier.

Across several districts of the FCT, including Dawaki, Kubwa, Gwarinpa, and Lugbe, retailers have adjusted their prices downward. While many stations in these areas still sell around ₦1,500 per kilogram, this represents a significant reduction from the approximately ₦1,700 per kilogram consumers previously paid.

Industry observers attribute the recent price decline largely to improved product availability. Recent industry data suggests that LPG imports increased substantially, leading to better supply and easing pressure on prices throughout the distribution chain.

Consumers have welcomed the reduction, expressing hope that the trend will continue and translate into lower household energy costs across the country. However, experts note that future prices will continue to depend on factors such as foreign exchange rates, global LPG prices, transportation costs, and the consistency of domestic supply.

Published by: ProlificX Premium Network