N15 Reduction Insignificant, Say Nigerians As NNPCL Reduces Petrol Price To N945/ Litre

Many Nigerians have dismissed the N15 reduction in petrol price by Nigerian National Petroleum Company Limited (NNPCL) as insignificant, saying it does little to ease the burden of high fuel costs. The NNPCL has reduced the pump price of petrol from N960 to N945 per litre at its retail stations. The price change took effect on Thursday, February 13, following instructions from the company’s headquarters to all its outlets.

A petrol attendant confirmed the new price at an NNPCL filling station in Ejigbo, Lagos. “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,” he said. However, while some Nigerians welcomed the reduction, others dismissed it as insignificant.

Mixed Reactions to NNPCL’s Price Cut

Kunle Ademola, a commercial driver who was at the Oke-Afa station, said the reduction would not impact transportation fares. “Although petrol price has been reduced, it will have no effect on my fares as the reduction is too small for me to adjust,” he said.

For Ayodeji Martins, a small trader in Ajao Estate, the price cut is a welcome development. “This is good news. Even though it is just N15, it means something. Any reduction, no matter how small, is better than an increase. We have been struggling with high costs for months, so I appreciate any effort to bring relief,” he said.

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In contrast, Blessing Nwankwo, a teacher, believes the reduction is insignificant compared to the previous price hikes. “We were buying petrol at N198 per litre before the subsidy was removed. Now it is N945, and they want us to be happy about N15 reduction? It makes no difference. Transport costs remain high, and food prices are not coming down. This change does not help the average Nigerian,” she said.

Others, like Chijioke Okonkwo, another trader in Oshodi, Lagos State, expressed cautious optimism. “At least the price is not going up. We have seen cases where things keep increasing without coming down. If the government and NNPCL can continue to reduce the price little by little, we might get to a more reasonable level,” he stated.

Other Fuel Stations Maintain Higher Prices

Despite NNPCL’s reduction, other major filling stations have not adjusted their prices. A market survey showed that Ardova still sells petrol at N970 per litre, while Mobil and Petrocam sell at N960 and N970 per litre, respectively.

Meanwhile, MRS Oil Nigeria Plc recently announced a price adjustment, selling petrol at N925 per litre in Lagos, N935 per litre in the South West, N945 per litre in the North, and N955 per litre in the South East.

Factors Behind the Price Adjustment

The recent price changes have been attributed to global market trends. Industry experts suggest that falling international crude oil prices and changes in foreign exchange rates may have influenced the adjustments.

Since President Bola Ahmed Tinubu removed the fuel subsidy in May 2023, petrol prices have fluctuated, reaching as high as N1000 per litre in some areas. When Tinubu took office, the product was selling at N198 per litre.

As Nigerians continue to adjust to the high cost of fuel, many hope for further reductions in the future. Whether the recent cut by NNPCL signals a trend or is just a temporary relief remains to be seen.