NNPC adjusts petrol pump price amid market fluctuations

DDM News

The Nigerian National Petroleum Company Limited (NNPC) has announced a slight reduction in the pump price of petrol.

Diaspora digital media (DDM) reports that the price has been lowered from N960 to N945 per litre at its retail stations.

This adjustment took effect on Thursday, February 13, 2025.

It follows a directive issued to NNPC-operated filling stations across the country.

The price modification was confirmed by attendants at an NNPC outlet in Ejigbo, Lagos.

A staff member at the station stated, “We received official instructions from the headquarters this morning to lower the pump price.”

“The change is already drawing more customers, as seen from the long queues forming at our station.”

Despite the price adjustment, reactions from consumers have been mixed.

Some welcomed the reduction, while others dismissed it as insignificant.

Kunle Ademola, a commercial driver at the Ejigbo station, expressed skepticism.

“Even though petrol is now N945 per litre, the difference is too small for me to reduce my transport fares.”

“It does not make a meaningful impact on my expenses,” he remarked.

A market survey of other filling stations revealed that the reduction is not yet widespread.

Major fuel marketers such as Ardova, Mobil, and Petrocam have not adjusted their prices in line with NNPC’s revision.

Reports indicate that Ardova still dispenses petrol at N970 per litre.

Mobil maintains N960 per litre, while Petrocam continues to sell at N970 per litre.

The move by NNPC follows a similar adjustment by MRS Oil Nigeria Plc.

MRS recently announced a downward review of its petrol prices.

MRS now sells petrol at N925 per litre in Lagos.

Varying regional prices apply across the country.

According to a statement from MRS, the company has set petrol prices at N935 per litre in the South West.

Petrol prices stand at N945 per litre in the North.

Prices are N955 per litre in the South East.

These modifications reflect shifting trends in the global oil market.

Industry analysts attribute the latest price adjustments by NNPC and MRS to favorable conditions in the international energy sector.

A decline in global crude oil prices has influenced these adjustments.

Fuel prices are historically tied to international oil benchmarks.

Changes in the crude market often influence local pump prices.

Since the removal of the fuel subsidy by the current administration, petrol prices in Nigeria have remained volatile.

Before President Bola Ahmed Tinubu assumed office on May 29, 2023, petrol was sold at N198 per litre.

Following the subsidy removal, prices surged and have hovered around N1000 per litre in recent months.

The latest price reduction by NNPC, although minimal, signals a response to global market shifts and local economic realities.

Many Nigerians remain uncertain about its impact.

Fuel costs continue to affect transportation expenses, goods pricing, and general living costs.

NNPC has led the price review among major marketers.

It remains to be seen whether other oil firms will follow suit in the coming days.

Stakeholders in the petroleum sector will be monitoring the market closely.

They anticipate further price adjustments in response to international crude oil trends and domestic economic policies.

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