The Nigerian National Petroleum Company Limited (NNPCL) has reduced the pump price of petrol at its retail stations from N960 to N945 per litre, effective Thursday, February 13. The price adjustment follows directives from the company’s head office to its outlets across the country.
At an NNPC filling station in Ejigbo, Lagos, a petrol attendant confirmed the price reduction. “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,” the attendant said.
Despite the reduction, not all consumers are enthusiastic about the change. Kunle Ademola, a commercial driver at the station, said the N15 decrease is too minimal to influence transport 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 explained.
Meanwhile, checks at other filling stations such as Ardova, Mobil, and Petrocam revealed no change in pump prices. Ardova continues to sell petrol at N970 per litre, while Mobil and Petrocam maintain prices at N960 and N970 per litre, respectively.
NNPCL’s decision to reduce petrol prices comes shortly after MRS Oil Nigeria Plc adjusted its pump price to N925 per litre across its Lagos stations. MRS also announced regional price variations, with petrol selling at N935 per litre in the South West, N945 in the North, and N955 in the South East.
Industry experts attribute the recent price adjustments to favourable developments in the global energy market and a decline in international crude oil prices.
Since the removal of the fuel subsidy by President Bola Ahmed Tinubu’s administration on May 29, 2023, petrol prices have surged from N198 per litre to nearly N1000 per litre before the recent reductions.
