The Nigerian National Petroleum Company Limited (NNPCL) has announced a reduction in the petrol pump price at its retail outlets, lowering the rate from N960 to N945 per litre.
The price adjustment took effect on Thursday, February 13, following directives from the company’s headquarters to all its filling stations.
At an NNPC station in Ejigbo, a petrol attendant confirmed the development, stating, “Yes, this morning (Thursday), we received instructions from the head office to reduce the price from N960 to N945. You can already see the level of patronage and the long queues”.
Despite the reduction, some consumers remain skeptical about its impact. Kunle Ademola, a commercial driver, told Legit.ng that the N15 decrease would not significantly affect transportation fares. “Although petrol price has been reduced, it will have no effect on my fares as the reduction is too small for me to adjust,” he said.
A survey of other major filling stations, including Ardova, Mobil, and Petrocam, showed no corresponding price cuts. Ardova continues to sell petrol at N970 per litre, while Mobil and Petrocam maintain their rates at N960 and N970 per litre, respectively.
The NNPC price cut follows a similar move by MRS Oil Nigeria Plc, which recently set its petrol price at N925 per litre across its Lagos stations. MRS also released a new regional pricing structure: N935 per litre in the South West, N945 in the North, and N955 in the South East.
These price reductions are attributed to favorable developments in the global energy sector and a decline in international crude oil prices.
Since the removal of fuel subsidy by the current administration, petrol prices have fluctuated, often nearing N1000 per litre. President Bola Ahmed Tinubu, who assumed office on May 29, 2023, inherited a petrol price of N198 per litre, marking a significant increase over time.
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