The Nigerian National Petroleum Company Limited (NNPCL) has reduced the petrol pump price at its retail stations from N960 to N945 per litre.
The price adjustment, which took effect on Thursday, February 13, followed instructions from the company to its retail outlets.
The price change was confirmed at an NNPC filling station in Ejigbo.
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 Southwest, N945 per litre in the North, and N955 per litre in the Southeast.
The recent price adjustments are attributed to favourable developments in the global energy sector and a notable decline in international crude oil prices.
A petrol attendant at the Ejigbo station said, ”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.”
Kunle Ademola, a commercial driver at the station, said, “Although the petrol price has been reduced, it will not affect my fares as the reduction is too small for me to adjust.”
Checks on 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 sell at N960 and N970 per litre.
Petrol prices have hovered around N1000 per litre since the removal of fuel subsidy by the present administration. President Bola Ahmed Tinubu took over on May 29, 2023, and the product was sold at N198 per litre then.
