The Nigerian National Petroleum Company Limited (NNPCL) has reduced the petrol pump price from N960 to N945 per litre at its retail stations.
The price adjustment, which took effect on Thursday, February 13, followed instructions from the company to its retail outlets.
The change in price was confirmed at an NNPC filling station in Ejigbo.
“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,” a petrol attendant at the station disclosed.
However, not all consumers are optimistic about the price reduction. As reported by Legit.ng, Kunle Ademola, a commercial driver at the station, said, “Although petrol price has been reduced, it will have no effect on my fares as the reduction is too small for me to adjust.”
Checks on other filling stations, such as Ardova, Mobil, and Petrocam, revealed no price adjustment. Ardova still sells its petrol at N970 per litre, while Mobil and Petrocam are selling at N960 and N970 per litre, respectively.
The price reduction by NNPC comes on the heels of a similar move by MRS Oil Nigeria Plc, which recently announced a new petrol pump price of N925 per litre across all its filling stations in Lagos.
MRS, in a statement, detailed its updated regional pricing structure, with petrol selling at N935 per litre in the South West, N945 per litre in the North, and N955 per litre in the South East.
The recent price adjustments are attributed to favourable developments in the global energy sector and a notable decline in international crude oil prices.
Since the removal of fuel subsidy by the present administration, petrol prices have hovered around N1000 per litre. President Bola Ahmed Tinubu took over on May 29, 2023, and the product was sold at N198 per litre then.