The Nigerian National Petroleum Company Limited (NNPCL) has announced a reduction in the pump price of petrol from N960 to N945 per litre at its retail stations, effective Thursday, February 13. This directive, issued from the company’s headquarters, has led to increased patronage and long queues at NNPC outlets.
However, other major fuel marketers such as Ardova, Mobil, and Petrocam have yet to make similar price adjustments, with their rates still ranging from N960 to N970 per litre.
This development follows a similar move by MRS Oil Nigeria Plc, which recently cut its petrol price to N925 per litre in Lagos while implementing a regional pricing model—N935 in the South West, N945 in the North, and N955 in the South East.
The fuel price adjustments come amid global fluctuations in the energy sector, particularly a decline in international crude oil prices. The fuel subsidy removal in May 2023 by President Bola Ahmed Tinubu had previously caused petrol prices to soar, reaching nearly N1,000 per litre. Before the subsidy removal, the product was sold at N198 per litre.
The price changes reflect the ongoing challenges Nigerians face due to rising living costs, with fuel prices remaining a critical factor in the country’s economic landscape.
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