BREAKING: NNPC Lowers Petrol Pump Price, Instructs Fuel Stations

The Nigerian National Petroleum Company Limited (NNPCL) has slashed the petrol pump price from N960 to N945 per litre at its retail outlets.

This price adjustment, effective from Thursday, February 13, was implemented following directives issued to the company’s filling stations.

The change was confirmed at an NNPC station in Ejigbo, where a petrol attendant stated, “Yes, this morning (Thursday), we received instructions from the head office to lower the price from N960 to N945. You can already see the increase in patronage and the long queues.”

However, not all consumers are optimistic about the reduction. Kunle Ademola, a commercial driver at the station, remarked, “While the price of petrol has decreased, it won’t impact my fares, as the reduction is too minimal for me to adjust.”

Inspections of other filling stations, including Ardova, Mobil, and Petrocam, showed that no price changes had been made. Ardova continues to sell petrol at N970 per litre, while Mobil and Petrocam are pricing it at N960 and N970 per litre, respectively.

This price drop by NNPC follows a similar reduction by MRS Oil Nigeria Plc, which recently announced a new petrol pump price of N925 per litre across all its stations in Lagos.

MRS detailed its updated regional pricing structure, with petrol at N935 per litre in the South West, N945 in the North, and N955 in the South East.

These recent price adjustments are attributed to favourable trends in the global energy market and a significant decline in international crude oil prices.

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