- New Adjustment Takes Effect at NNPC Retail Outlets
- Consumers Express Mixed Reactions Over Minimal Reduction
The Nigerian National Petroleum Company Limited (NNPCL) has reduced the petrol pump price from N960 to N945 per litre across its retail stations, a move that took effect on Thursday, February 13.
Confirming the adjustment, an attendant at an NNPC filling station in Ejigbo 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.”
Mixed Reactions as Private Marketers Maintain Higher Prices
Despite the price cut, some consumers believe the reduction is insignificant. Commercial driver Kunle Ademola dismissed the impact, 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.”
Meanwhile, a survey of other filling stations revealed that independent marketers have not followed suit. Ardova still sells at N970 per litre, while Mobil and Petrocam maintain prices at N960 and N970 per litre, respectively.
MRS Joins Price Reduction, Cites Market Forces
NNPC’s price cut follows a similar adjustment by MRS Oil Nigeria Plc, which recently set its petrol price at N925 per litre across all its Lagos outlets. MRS also introduced regional pricing, with fuel selling at N935 per litre in the South West, N945 in the North, and N955 in the South East.
Global Oil Prices Influence Local Pump Rates
The recent price adjustments come amid a decline in international crude oil prices, which has provided some relief in the domestic market. However, since the removal of fuel subsidies in May 2023, petrol prices have fluctuated, reaching as high as N1000 per litre in some areas.
When President Bola Ahmed Tinubu assumed office on May 29, 2023, petrol was sold at N198 per litre. With rising costs affecting transportation and goods, Nigerians continue to feel the impact of fluctuating fuel prices, even as the government and private marketers adjust pump rates based on market realities.
