The Nigerian National Petroleum Company Limited (NNPCL) has officially reduced the petrol pump price to N860 per litre, down from the previous price of N945 per litre. This adjustment reflects a significant shift in the pricing landscape for petrol in Nigeria and is expected to provide some relief to consumers amid ongoing fluctuations in the oil market.
The new price of N860 per litre has been implemented at various NNPC retail stations, particularly in Lagos, following a recent trend of price cuts in the sector. This change comes shortly after the Dangote Refinery also lowered its ex-depot price from N890 to N825 per litre, influencing market dynamics
The reduction has been confirmed by industry stakeholders, including Hammed Fashola, the National Vice President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), who noted that while the price change has not yet been updated on official portals, it is indeed in effect at the filling stations.
Impact on Consumers: This price cut is seen as a welcome development for Nigerians, providing some financial relief amidst rising living costs and economic challenges
The NNPCL’s decision to lower prices is part of a broader trend in the oil market, influenced by global crude oil price fluctuations and competitive pricing strategies among oil marketers.
