Breaking: NNPCL reduces petrol price

The Nigerian National Petroleum Company Limited (NNPCL) has reduced the pump price of petrol from N960 to N945 per litre at its retail stations, effective Thursday, February 13.

The price adjustment follows directives from the company’s headquarters to its outlets nationwide. A visit to an NNPC filling station in Ejigbo confirmed the development, with a station attendant 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.”

However, the reduction has been met with skepticism from consumers, particularly commercial drivers. Speaking to Legit.ng, Kunle Ademola, a driver at the station, dismissed the price cut as insignificant, 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, showed no immediate price changes. Ardova continues to sell at N970 per litre, while Mobil and Petrocam maintain prices at N960 and N970, respectively.

NNPCL’s price cut follows a similar move by MRS Oil Nigeria Plc, which recently reduced its pump price to N925 per litre in Lagos. MRS also announced a regional pricing structure, with petrol selling at N935 per litre in the South West, N945 in the North, and N955 in the South East.

The adjustments come amid global energy sector developments and a notable decline in international crude oil prices. Since President Bola Ahmed Tinubu removed fuel subsidies in May 2023, petrol prices have fluctuated, peaking at nearly N1000 per litre. The product, which sold at N198 per litre before the subsidy removal, has remained a major concern for Nigerians grappling with rising living costs.

(With additional information from dockaysworld)