The Nigerian National Petroleum Company Limited (NNPCL) has lowered the pump price of petrol from N960 to N945 per litre at its retail outlets.
The price adjustment, which took effect on Thursday, February 13, 2025, followed a directive from the company’s headquarters to all its filling stations.
At an NNPC station in Ejigbo, a fuel attendant confirmed the change, stating:
“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.”
Mixed Reactions from Consumers
Despite the price reduction, some consumers believe it is too small to make a real difference.
Kunle Ademola, a commercial driver, shared his perspective:
“Although petrol price has been reduced, it will have no effect on my fares as the reduction is too small for me to adjust.”
Other Fuel Stations Maintain Higher Prices
A review of other filling stations showed that the price cut has not been widely adopted.
- Ardova continues to sell petrol at N970 per litre.
- Mobil maintains a price of N960 per litre.
- Petrocam still sells at N970 per litre.
MRS Oil Also Reduces Prices
NNPC’s price adjustment follows a similar move by MRS Oil Nigeria Plc, which recently reduced its petrol price to N925 per litre across its Lagos stations. The company also adjusted regional prices:
- N935 per litre in the South West.
- N945 per litre in the North.
- N955 per litre in the South East.
Reasons Behind the Price Adjustment
The recent reductions in fuel prices have been linked to favorable global energy market conditions and a decline in international crude oil prices.
Since the removal of fuel subsidies by the current administration, petrol prices have fluctuated around N1000 per litre. When President Bola Ahmed Tinubu assumed office on May 29, 2023, petrol was sold at N198 per litre.
