The Nigerian National Petroleum Company Limited (NNPCL) has lowered the petrol pump price from N960 to N945 per litre at its retail stations.
This price change, effective from Thursday, February 13, came following instructions from the company to its outlets. The new price was confirmed at an NNPC station in Ejigbo.
A petrol attendant shared, “This morning we received the directive to reduce the price from N960 to N945, and we’ve already seen longer queues and increased patronage.”
However, not all consumers are hopeful about the impact of the price reduction. Kunle Ademola, a commercial driver, stated, “The price drop is too small to affect my fare adjustments.”
Other stations, including Ardova, Mobil, and Petrocam, did not make price changes. Ardova still charges N970 per litre, while Mobil and Petrocam are at N960 and N970, respectively.
This reduction by NNPC follows a similar move by MRS Oil Nigeria Plc, which recently lowered its petrol price to N925 per litre in Lagos. MRS also adjusted regional prices, with N935 per litre in the Southwest, N945 in the North, and N955 in the Southeast.
The recent price cuts are attributed to favorable developments in the global energy sector and a significant drop in international crude oil prices.
Since the fuel subsidy was removed under President Bola Ahmed Tinubu’s administration, petrol prices have hovered around N1000 per litre. When Tinubu assumed office on May 29, 2023, petrol was priced at N198 per litre.
