4 Filling Stations Reduce Petrol Price Below NNPC's Rate

• The price of petrol has increased across the country following decisions by Dangote Refinery and NNPC to adjust prices
• Filling stations owned by independent marketers have also adjusted their pump prices to above N900 per litre
• There is an ongoing price competition which has led some marketers to reduce their prices to attract more customers

Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

The Nigerian National Petroleum Company Limited (NNPCL) and other filling stations recently increased their pump prices.

The national oil company first adjusted its petrol price from N870 per litre to N915 in Lagos.

Two days later, NNPC retail stations made another adjustment from N915 to N925, while in Abuja, the price increased to N945 per litre.

Similar pump price adjustments were announced by Ardova, MRS, Heyden, Technoil and other oil marketers to N925.

4 Filling stations slash prices to attract customers

However, some filling stations, in a bid to attract customers, have reduced their prices.

For example, the De Petroleum filling station in the Ikotun Igando area of Lagos is selling petrol at N920 per litre.

Ardova filling station, also in Egbeda, is advertising its petrol at N920 per litre, N5 lower than what other filling stations in the area are quoting, including NNPC.

Also, Cincia Oil Filling Station is selling at N920.

The lowest petrol price was observed at First Royal Oil, advertising its petrol at N890 per litre.

MRS announces petrol price

MRS Oil Nigeria, one of the oil marketers lifting petrol from the Dangote refinery, recently released its petrol prices.

In a statement published on X, MRS said its petrol will be sold at N925 in Lagos.

In the South-West region, the price has been adjusted to N935 per litre.

For the N945 in the North-West and North-Central, and N955 in the South-South, South-East, and North-East regions.

Fuel should be N700 says PENGASSAN

Festus Osifo, President of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), has accused oil marketers of exploiting Nigerians by keeping petrol prices artificially high.

According to Osifo, the current pump price should fall within the range of N700 to N750 per litre, reflecting recent declines in global crude oil prices.

He criticised the apparent disconnect between falling international oil prices and the stagnant retail cost of petrol in the country, BusinessDay reports.

He argued that if Nigerians are made to bear the burden of rising fuel costs when crude prices climb, they should equally enjoy relief when global prices drop.

Dangote announces plan to refund Nigerians

Earlier, Legit.ng reported that Dangote Petroleum Refinery has announced it will refund customers who purchased Premium Motor Spirit (PMS), also known as petrol, at rates higher than its advertised prices from key distributors, following its recent price reduction.

The company stated that the refund applies to fuel purchased from its partners, including Ardova Plc, Heyden, and MRS filling stations throughout Nigeria.

It added that the initiative also aligns with President Bola Tinubu’s Renewed Hope Agenda, aimed at stimulating the economy.

Source: Legit.ng