By Ayomide Otitoju
The Nigerian National Petroleum Company Limited (NNPCL) has announced a reduction in petrol prices at its retail outlets, lowering the cost from N960 to N945 per litre.
At an NNPC filling station in Ejigbo, attendants confirmed the price adjustment, reporting an increase in customer turnout and long queues. However, commercial drivers at the station noted that the slight reduction would not impact transport fares.
Meanwhile, other major fuel marketers, including Ardova, Mobil, and Petrocam, have yet to adjust their prices. Ardova continues selling petrol at N970 per litre, while Mobil and Petrocam maintain prices at N960 and N970 per litre, respectively.
This price reduction follows a similar move by MRS Oil Nigeria Plc, which recently set its petrol price at N925 per litre in Lagos, with regional pricing of N935 per litre in the South West, N945 per litre in the North, and N955 per litre in the South East.
The adjustments come in response to global energy market trends and a decline in crude oil prices. Since the removal of fuel subsidies, petrol prices have fluctuated significantly, reaching nearly N1,000 per litre.
At the start of President Bola Ahmed Tinubu’s administration on May 29, 2023, petrol was sold at N198 per litre, marking a sharp rise over the past year.
