Emmanuel OchayiThe Nigerian National Petroleum Company Limited (NNPC) has reduced the pump price of Premium Motor Spirit (PMS), commonly known as petrol, to N860 per litre. This decision follows growing competition among major oil marketers and independent dealers, as well as changes in global crude oil prices.
The new price, which took effect on Monday, is a drop from the previous average of N920 per litre. This development offers some relief to Nigerians struggling with high transportation and living costs.
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Private Marketers Join the Price Drop
Following the NNPC’s decision, private petroleum marketers have also started adjusting their prices to remain competitive. Dangote Petroleum Refinery and Petrochemicals Limited recently reduced the ex-depot price of petrol from N890 per litre to N825 per litre. This marks the second price cut in February.
Several fuel stations in Lagos have also lowered their prices. MRS now sells petrol at N860 per litre, while AP and Heyden offer it at N865 per litre. These reductions indicate a growing price competition in the petroleum sector.
Public Reaction to NNPC Price Cut
The reduction has been met with mixed reactions. While some Nigerians see it as a positive step, others question whether the new price will be sustained.
“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.”
Many consumers remain cautious, as past price cuts have often been short-lived due to market fluctuations and supply challenges.
The Future of Petrol Prices in Nigeria
The latest price reduction by NNPC and other marketers reflects the competitive nature of Nigeria’s fuel market. However, experts warn that future prices will depend on global crude oil trends and domestic supply stability.
For now, the reduction in petrol prices offers some relief to Nigerians. Whether this trend continues will depend on market dynamics and government policies on fuel pricing.
Emmanuel Ochayi is a journalist. He is a graduate of the University of Lagos, School of first choice and the nations pride. Emmanuel is keen on exploring writing angles in different areas, including Business, climate change, politics, Education, and others.
