Petrol Prices Crashes at NNPC, other Filling Stations
- Petrol prices have been reduced at NNPC Limited retail outlets and other filling stations across Nigeria
- The new price offers relief for Nigerians affected by the ongoing global crude oil issues
- The changes in pump prices are linked to drop in global crude oil prices following Donald Trump's Iran decision
Legit.ng journalist Dave Ibemere has experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
Petrol prices have dropped at filling stations operated by NNPC Limited and other fuel marketers across Nigeria, offering some relief to consumers after months of fluctuating pump prices.
Checks at several stations showed a downward trend below N1,300 per litre in Lagos, Abuja and other states.
Source: Getty Images
New petrol price at filling stations
Industry observers say the recent reduction may not necessarily signal a long-term downward trend, as petrol prices remain sensitive to fluctuations in exchange rates.
However, the decision by Dangote Refinery to reduce its petrol gantry price by N85 to N1,200 per litre from N1,285 has been a key factor.
Ademola Ajayi, an energy analyst, told Legit.ng that US President Donald Trump's actions have been a key determinant of crude oil prices.
"Oil prices now reflect the actions of U.S. President Donald Trump toward Iran. When he signals a cooling of tensions, prices tend to fall; when he suggests the possibility of an attack, oil prices rise"
BBC reports that on Wednesday, oil prices briefly dipped below $100 ahead of the speech on hopes Trump would say how the US would exit the conflict, but his address repeated the same points he made previously.
Oil prices jumped by nearly 7% on Thursday when Trump showed no sign of ending the conflict.
Fuel prices drop in Nigeria
Oil marketers are closely following the events in the Iran war and are pricing their products based on crude oil price movement.
Dangote refinery's recent decision to cut its gantry price by N70 and no recent increases, have emboldened several filling stations to adjust petrol prices.
Source: Getty Images
Ardova in the Egebeda area of Lagos is now selling petrol at N1,257 per litre compared to the previous rate of N1,330. Also, First Royal, Heyden, Mobil and several others are now selling below N1,300.
NNPC Limited have also adjusted its petrol prices, selling at N1,255 per litre, down from N1,330, representing a reduction of N75.
In Abuja reduced its prices to N1,295 per litre from N1,361, which means that NNPCL retail outlets cut petrol prices by N71 per litre.
Dangote advises marketers
Earlier, Legit.ng reported that the Dangote refinery has warned that continued reliance on coastal delivery of petroleum products could push petrol prices close to N1,000 per litre.
In a statement, the company said gantry loading remains the most efficient and cost-effective option for maintaining price stability.
The refinery said it has invested heavily in infrastructure, including a 91-bay gantry facility capable of loading up to 2,900 tankers daily and evacuating millions of litres of fuel around the clock.
Source: Legit.ng
