Nigerian petroleum products marketers have reduced their premium motor spirit pump price downwards to attract patronage.

Ekwutosblog observed on Friday that filling station owners in Abuja reviewed their fuel price downwards by at least N10 per litre to compete favourably in the country’s downstream oil and gas sector.

Major oil marketers such as Ranoil, Shafa, and AA Rano filling stations in the nation’s capital, Abuja, now sell petrol at N900 per litre, down from N910.

The spokesperson of the Independent Petroleum Marketers Association, Chinedu Ukadike, described the development as a benefit of the liberalisation of the oil and gas sector.

According to him, the era where the government determines the price of PMS is gone; rather, it is the forces of demand and supply.

“Price modulation is no longer done by the government but by demand and supply,” he said.

Ekwutosblog earlier reported that Ukadike said PMS price may nosedive down to N800 per litre.

The Nigerian National Petroleum Company Limited retail outlets and Dangote Refinery partners such as MRS, AP Ardova, Optima, and Bovas are currently dispensing fuel at between N875 to N895 per litre in Lagos and Abuja.

According to market players in the oil and gas sector, Dangote Refinery and NNPCL may announce another petrol price reduction after the Eid-Al-Adha celebration to remain competitive.

LAGOS – There are indications that the prices of oil products may once again skyrocket in Nigeria, following the imposition of $300 helicopter landing levy on oil companies operating in the rigs by the Ministry of Aviation and Aerospace Development.

Also, experts in the Nigerian aviation industry have questioned the choice of NAEBI Dynamic Concepts as the con­tractor for the collection of the $300 helicopter levy from oil companies, wondering if its selection was passed by the National Assembly or received the approval of the Federal Executive Council (FEC).

They also declared that only the Ni­geria Civil Aviation Authority (NCAA) has the right to approve any new charges or levies for operators in the industry and called on the ministry to rescind its decision.

But Mr. Festus Keyamo, the Minister of Aviation and Aero­space Development, has said that the levy was an additional means of generating revenue by the Fed­eral Government.

Besides, there are indications that the affected oil companies may not have been contacted about the directive two weeks after it was issued.

Nigeria’s currency, the naira, recorded depreciation against the dollar at the parallel foreign exchange market to end the week on a negative note.

Bureau de Change operator in Wuse Zone 4, Abuja, Abubakar Alhasan, confirmed to Ekwutosblog that the naira dropped to N1,628 per dollar on Friday from N1,623 traded on Thursday.

“We buy at N1,624 per dollar and sell between N1,628 and N1,630 per dollar due to a surge in demand,” he told Ekwutosblog on Friday.

This means that the naira dropped by N5 against the dollar on a day-to-day basis at the parallel foreign exchange market.
At the black market, this is the fourth consecutive depreciation since Monday, 26th 2025.

Meanwhile, the naira remained flat at the official foreign exchange market on Friday at N1,586.15, the same rate recorded the previous day. 

Ekwutosblog reports that in the week under review, the naira recorded more depreciation than appreciation across foreign exchange markets. This showed that the naira weakened by N13 and N5.17 against the dollar at parallel and official foreign exchange markets, respectively, on a week-on-week basis.

The African Development Bank, in its 2025 economic outlook, forecast that the naira and other currencies on the continent would slip by 6 percent in 2025.