The Nigerian National Petroleum Company Limited (NNPCL) has announced a reduction in the petrol pump price from N960 to N945 per litre at its retail stations. The price adjustment took effect on Thursday, February 13, following directives from the company’s headquarters.
The change was confirmed at an NNPC filling station in Ejigbo, Lagos, where a petrol attendant stated, “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.”
However, the reduction has been met with mixed reactions. Kunle Ademola, a commercial driver at the station, expressed skepticism, saying, “Although petrol price has been reduced, it will have no effect on my fares as the reduction is too small for me to adjust.”
Checks at other filling stations, including Ardova, Mobil, and Petrocam, revealed that they have not adjusted their prices. Ardova continues to sell petrol at N970 per litre, while Mobil and Petrocam maintain their prices at N960 and N970 per litre, respectively.
The NNPCL’s price reduction follows a similar move by MRS Oil Nigeria Plc, which recently announced a new petrol pump price of N925 per litre across its filling stations in Lagos. MRS also outlined its updated regional pricing structure, with petrol selling at N935 per litre in the South West, N945 per litre in the North, and N955 per litre in the South East.
These price adjustments are attributed to favourable developments in the global energy sector, including a notable decline in international crude oil prices.
Since the removal of fuel subsidies by the current administration, petrol prices have fluctuated around N1,000 per litre. President Bola Ahmed Tinubu, who assumed office on May 29, 2023, oversaw the removal of subsidies, which had previously kept petrol prices at N198 per litre. The recent price reductions offer some relief to consumers, though the impact remains limited for many.