Nigerians heave a sigh of relief as NNPC drops petrol price to ₦860/litre
The Nigerian National Petroleum Company Limited (NNPC) has announced a reduction in the pump price of Premium Motor Spirit (PMS), commonly known as petrol, to ₦860 per litre.
This decision comes amidst an intensifying price war among major marketers and independent petroleum dealers, as well as fluctuations in global crude oil prices.
The new price, which took effect on Monday, marks a significant drop from the previous average of ₦920 per litre, offering relief to millions of Nigerians grappling with the high cost of living.
The reduction by NNPC, the country’s largest fuel supplier, has sparked a wave of competitive pricing among private marketers.
READ ALSO:NNPC denies claim in viral video that petrol from its outlets is substandard, threatens legal action
It could be recalled that Dangote Petroleum Refinery and Petrochemicals Limited had last week reduced the ex-depot price of petrol from N890 per litre to ₦825.The reduction marks the second price cut in February.
Dangote, in a public notice on the price slash, announced three filling stations in Lagos, which included MRS: ₦860 per litre, AP: ₦865 per litre, and Heyden: ₦865 per litre, as its partner off-takers.
While the price reduction has been welcomed by many, some Nigerians remain skeptical, questioning whether the drop is sustainable.
“This is good news, but we hope it’s not just a temporary move to calm the public,” said Adeola Ogunleye, a commercial bus driver in Lagos. “Fuel prices have been too high for too long, and we need lasting solutions.”
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