Petrol Prices Drop Nationwide at Depots, NNPC Slashes Pumps by N66
- Several depots across Lagos, Port Harcourt and Calabar listed petrol at N1,350 per litre on Friday, October 9, after the Federal Government proposed a price ceiling
- Five depots in Warri continued to quote N1,360 per litre, exceeding the proposed cap by N10
- The Federal Government also announced a 30-day petrol discount through NNPC retail outlets to ease the burden of rising fuel costs
PAY ATTENTION: Find it fast with our new search feature at Legit.ng!
Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
Petrol depot prices in Lagos, Port Harcourt and Calabar fell to N1,350 per litre on Friday, October 9, following the Federal Government's proposal to introduce a price ceiling, although several depots in Warri maintained higher rates.
Price data collected across major depot locations showed that Nipco, Honeywell, Ardova and Prudent depots in Lagos quoted N1,350 per litre.
Source: Getty Images
Masters depot and Northwest depot in Calabar also listed petrol at the same price.
In Port Harcourt, TSL and Sigmund depots, which had earlier quoted N1,355 per litre, reduced their prices to N1,350.
However, five depots in Warri, namely Rain Oil, Parker, Optima, Keonamex and Nepal, continued to list Premium Motor Spirit (PMS), commonly known as petrol, at N1,360 per litre.
The price was N10 above the proposed ceiling.
FG proposes N1,350 petrol price ceiling
The depot price adjustments followed an announcement by the Finance Minister and Coordinating Minister of the Economy, Taiwo Oyedele, that the federal government was negotiating a N1,350-per-litre ceiling on petrol landing and ex-gantry costs.
Under the proposed arrangement, refiners and importers would temporarily absorb costs above the ceiling and recover the difference later as market conditions improve.
The government has maintained that the measure does not represent a return to the petrol subsidy removed in 2023.
Instead, it is being considered as a temporary measure to reduce price volatility amid elevated global oil prices.
If implemented, the arrangement could help limit increases in petrol costs while allowing refiners and importers to recover additional expenses under the agreed terms.
Source: UGC
Petrol prices remain uneven across locations
Despite the government's announcements, depot prices remain uneven across the surveyed locations.
While several depots in Lagos, Port Harcourt and Calabar have listed petrol at N1,350 per litre, the five depots in Warri continue to quote N1,360, Petroluemprice.ng
The difference highlights the varying prices charged by depot operators as the government pursues measures to moderate fuel costs.
The final impact on motorists will depend on the terms of the proposed price arrangement, how it is implemented and whether the savings are passed on to consumers at filling stations.
NNPC announces 30-day petrol discount
Earlier, Legit.ng reported that the federal government announced a 30-day petrol discount scheme through the Nigerian National Petroleum Company Limited's retail network.
Public transport operators are expected to receive priority under the initiative, while NNPC plans to forgo its retail profit margin to reduce pump prices for customers.
The measures are intended to cushion households, businesses and transport operators against the impact of rising fuel costs.
Source: Legit.ng
