Rolling Down Petrol Prices Across the Land: A New Era for Nigerian Motorists
Reduction in the Price of One Liter of Petrol by NNPCL
Here's the scoop: The Nigerian National Petroleum Company Limited (NNPCL) just shaved ₦20 off the retail price per liter of Premium Motor Spirit (PMS), otherwise known as that petrol you burn up in your car.
According to our sources, this price slash puts the new NNPCL rate at ₦935 per liter. The news has hit the streets like wildfire, with motorists flocking to NNPCL filling stations as of Saturday.
The cause? Competitive pricing strategies in the downstream sector of the petroleum industry.
Now, if you've ventured out to find a fill-up lately, you might have noticed MRS filling stations and other partners of Dangote Refinery also offering petrol at ₦910 per liter. Keep in mind, Dangote Refinery had previously nudged down its petrol ex-depot price to a more affordable ₦835 per liter.
The 650,000-barrel refinery later disclosed that MRS, AP (Ardova), Heyden, Optima Energy, Hyde, and Techno Oil—its loyal partners—would be retailing petrol for prices ranging between ₦890 and ₦920 in major cities like Lagos and Abuja, as well as other regions across the country.
This price juggling has kicked up some fluctuations within Nigeria's petroleum downstream sector. However, prices outside of Dangote's network can still hover around the ₦930 to ₦950 per liter mark, depending on location.
Notably, this price adjustment isn't the only curveball in the Nigerian petroleum industry. The Economic and Financial Crimes Commission (EFCC) has expanded its investigation into the NNPC, uncovering some intriguing evidence. This investigation could have far-reaching impacts on the industry.
So, there you have it—fuel prices are on a rollercoaster, and savings are flowing at the pump. Keep an eye on those prices as they roll into your neighborhood!
- [1] Market data from NBS (Nigeria Bureau of Statistics)
- [2] Global oil prices analysis by the International Energy Agency (IEA)
- [3] Dangote Refinery Announces Reduction in Petrol Ex-Depot Price
- [4] Dangote's Retail Partners Adjust Petrol Prices in Response to Ex-Depot Reduction
- The Nigerian National Petroleum Company Limited (NNPCL) has reduced the retail price of Premium Motor Spirit (PMS) by ₦20 per liter, making it ₦935 per liter, following competitive pricing strategies in the downstream sector of the petroleum industry.
- MRS filling stations and partners of Dangote Refinery, which includes AP, Ardova, Heyden, Optima Energy, Hyde, and Techno Oil, are also offering petrol at prices ranging between ₦890 and ₦920 in major cities like Lagos, Abuja, and other regions across the country, due to Dangote Refinery's reduced ex-depot price of ₦835 per liter.
- The 650,000-barrel Dangote Refinery's price juggling has led to fluctuations within Nigeria's petroleum downstream sector, with prices outside of Dangote's network still hovering around the ₦930 to ₦950 per liter mark, depending on location.
- While this price adjustment is making savings flow at the pump for motorists, it's important to note that the Economic and Financial Crimes Commission (EFCC) has expanded its investigation into the NNPC, potentially having far-reaching impacts on the Nigerian petroleum industry.
- In the Nigerian industry landscape, the APC and PDP political parties might find this period of fluctuating petrol prices a crucial issue to address, considering its significant impact on finance and energy, which are vital sectors affecting the everyday life of Nigerian citizens.
