Filling stations in Abuja and its environs have started reducing their petrol pump prices, with major retailers such as AA Rano and Mobil cutting their rates. AA Rano reduced its petrol price from N1,450 to N1,420 per litre, a N30 reduction, while Mobil lowered its pump price from N1,435 to N1,410 per litre, a reduction of N25 per litre. The adjustments mean motorists buying petrol from the affected stations will now pay slightly less.
The reductions come amid increased competition among fuel retailers and a decline in international crude oil prices. At the time of the survey, Brent crude was trading at about $103 per barrel, while West Texas Intermediate (WTI) stood at around $100.30 per barrel. The price cuts are a welcome relief for motorists who have been bearing the brunt of high fuel prices.
The reduction in petrol prices also comes against the backdrop of continued concerns about the effect of fuel prices on the cost of living. Higher petrol prices have contributed to increased transportation costs and have affected the prices of goods and services across the country. The Leader of INRI Evangelical Spiritual Church, Primate Elijah Ayodele, recently warned that Nigerians could face deeper economic hardship if they elect what he described as the “wrong candidate” in the 2027 presidential election.
Ayodele predicted that petrol could rise to N2,500 per litre and diesel to N3,000 under such a scenario, attributing the possible deterioration to wrong policies, declining foreign reserves, and increased corruption. He urged Nigerians to carefully scrutinise candidates ahead of the 2027 presidential election rather than making their decisions based on immediate material benefits.
Meanwhile, the Federal Government has continued to pursue measures aimed at reducing transportation costs through alternative energy sources, particularly compressed natural gas (CNG) and electric-powered public transportation. President Bola Tinubu directed state governments to intensify efforts to ensure that more Nigerians begin to experience measurable reductions in transportation costs from October 1.
Tinubu cited reductions in transport fares in Borno, Oyo, Adamawa, Enugu, Plateau, and Niger states, which he attributed to the deployment of CNG and electric-powered transport schemes. According to Tinubu, more than 120,000 vehicles have been converted to CNG over the past three years, while Nigeria now has more than 400 certified CNG conversion centres and over 90 CNG refuelling stations.
The President also rejected calls for a return to the petrol subsidy regime, arguing that the policy had exposed the Nigerian economy to international oil-price fluctuations and consumed trillions of naira. The government's efforts to promote alternative energy sources are expected to bring relief to Nigerians who have been affected by high fuel prices.
Key points
- Filling stations in Abuja have reduced petrol prices by N25-N30 per litre amid changing market conditions.
- The price cuts are a welcome relief for motorists who have been bearing the brunt of high fuel prices.
- The government is promoting alternative energy sources, such as CNG and electric-powered public transportation, to reduce transportation costs.
