Petrol retailers cut prices as competition intensifies in Kwara

Motorists in Ilorin are beginning to reap the benefits of an intensifying price battle among petroleum marketers. This is just as filling stations adopt different pricing strategies in a bid to attract customers amid growing pressure for lower pump prices. A survey of major retail outlets across the Kwara State capital on Tuesday showed Premium […]

Motorists in Ilorin are beginning to reap the benefits of an intensifying price battle among petroleum marketers.
This is just as filling stations adopt different pricing strategies in a bid to attract customers amid growing pressure for lower pump prices.
A survey of major retail outlets across the Kwara State capital on Tuesday showed Premium Motor Spirit (PMS), popularly known as petrol, selling for between N1,120 and N1,175 per litre.
The development highlights a widening gap in retail prices as marketers compete aggressively for market share.
Among the outlets surveyed, Lukas, Abanik, Okin Oloje and Olak sold petrol at N1,120 per litre, while the Nigerian National Petroleum Company (NNPC) Retail dispensed the product at N1,125.
AM Shafa sold at N1,145, AP at N1,155, while Bovas and Orange maintained N1,160 per litre. MRS sold at N1,171, Eternal at N1,170, with Atgris recording the highest price among the stations surveyed at N1,175 per litre.
Some filling stations, particularly Abanik, witnessed heavy patronage as motorists and commercial drivers queued to take advantage of its lower pump price compared with neighbouring outlets.
Mohammed Ishola, a motorist, said although the growing competition among marketers was encouraging, the current prices were still higher than many Nigerians expected.
“I bought N5,000 worth of petrol at NNPC, where it was selling for N1,125 per litre. Before I left, I noticed Abanik was selling at N1,120, so I also bought there. In both cases, the fuel was still less than five litres because of how expensive petrol remains.

 

“The prices ought to have come down further than this. The marketers should fear Allah. Any wealth made from exploiting the people always comes with consequences”, he said.

 

Another resident, Hajia Abdullahi Aduni, a housewife, urged the relevant authorities to ensure that Nigerians were no longer subjected to excessive pricing by petroleum marketers.

 

“If you compare the current prices with petrol sold for N1,400 and above, there is some improvement.

 

“We can now run our generators for longer hours instead of waiting through the night for electricity to return after outages.

 

“But there is no reason why petrol should not have become even cheaper. The increase that followed the Iran-United States tensions has eased, so Nigerians should be enjoying much lower prices by now. The government must ensure marketers stop ripping people off”, she said.

 

The competition is coming amidst pressure on Dangote Refinery and marketers to lower the pump prices to reflect the drop in prices of crude oil.

On Monday, the federal government met stakeholders in the downstream sector the need to reduce the ex-gantry price.

At the meeting the Minister of State for Petroleum (Oil), Sen. Heineken Lokpobiri, directed the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to engage in market surveillance and enforce pricing transparency across the supply chain to ensure that reductions in underlying costs are reflected promptly in ex-depot and retail prices.