JUST IN: NNPC Reduces Petrol Pump Price Nationwide

The Nigerian National Petroleum Company (NNPC) has announced a reduction in petrol pump prices, bringing relief to consumers amid economic challenges.

The Nigerian National Petroleum Company Limited (NNPCL) has revealed a minor decrease in the petrol pump price, reducing it from ₦960 to ₦945 per litre at its retail outlets.

The price adjustment was implemented on Thursday, February 13, in accordance with directives issued by the company to its retail outlets. This change has been verified at NNPC’s Ejigbo filling station and several other locations.

The petrol attendant at the station shared, “Indeed, this morning (Thursday), we were instructed by head office to lower the price from N960 to N945. You can already see how much business has increased and the long lines forming.”

Not all consumers share the same optimism about the price reduction. According to Legit.ng, Kunle Ademola, a commercial driver at the station, stated that despite petrol prices being lowered, he will not adjust his fares as “the reduction is too small”.

Inspections of other fuel stations, including Ardova, Mobil, and Petrocam, showed no change in pricing. Ardova continues to sell petrol at N970 per litre, while Mobil offers it for N960 and Petrocam maintains their price at N970 per litre.

The price reduction by NNPC follows a recent move by MRS Oil Nigeria Plc, which announced a new petrol pump price of N925 per litre at all its Lagos filling stations.

In a statement, MRS outlined its revised regional pricing structure: petrol is priced at N935 per litre in the South West, N945 per litre in the North, and N955 per litre in the South East.

The latest price changes are due to positive developments in the global energy sector and a significant drop in international crude oil prices.

Following the removal of fuel subsidies by the current administration, petrol prices have fluctuated around N1000 per litre. When President Bola Ahmed Tinubu assumed office on May 29, 2023, petrol was priced at N198 per litre.