News Update
THE Nigerian National Petroleum Company Limited (NNPCL) has reduced the price of petrol at its retail stations from N960 to N945 per litre.
The new price took effect on Thursday, February 13, following directives from the company.
At an NNPC filling station in Ejigbo, attendants confirmed the price change, noting an increase in customer turnout and long queues.
However, some consumers believe the reduction is too small to impact their expenses.
A commercial driver at the station stated that he would not lower transport fares due to the slight difference in price.
Other filling stations, including Ardova, Mobil, and Petrocam, have not made any changes.
Ardova continues selling at N970 per litre, while Mobil and Petrocam sell at N960 and N970 per litre, respectively.
This adjustment follows a similar move by MRS Oil Nigeria Plc, which recently set its petrol price at N925 per litre in Lagos. MRS also announced regional prices of N935 per litre in the South West, N945 per litre in the North, and N955 per litre in the South East.
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The recent price changes are linked to global energy trends and a drop in crude oil prices.
Since the removal of fuel subsidies, petrol prices have fluctuated, reaching nearly N1000 per litre.
When President Bola Ahmed Tinubu assumed office on May 29, 2023, the product was sold at N198 per litre.
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