New Fuel Price: Big Relief as Filling Stations Slash Petrol Pump Price by over N200

• Relief for Nigerians as several filling stations across Nigeria have reduced fuel prices by below N680
• Although many still sell above N750, checks show filling stations owned by major marketers are selling N200 cheaper
• NNPC has explained that the ongoing fuel scarcity in the country is due to supply challenges, not availability

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.

Filling stations of major oil marketers across the country are offering fuel to Nigerians for as low as N630 per litre.

The price is over N200 cheaper compared to N800 to N900 per litre fuel has been sold at other filling stations since fuel scarcity started.

Legit.ng observed that various outlets in Lagos owned by the seven major marketers—including 11 Plc, Conoil Plc, Ardova Plc, MRS Oil Nigeria Plc, OVH Energy Marketing Limited, Total Nigeria Plc, and NNPC Retail—are selling fuel below N650 per litre to motorists.

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For example, in the Ikotun area of Lagos, two Ardova Plc filling stations dispensed fuel at N630 per litre while the NNPC outlet sold at N570 per litre.

Below is a list of filling stations visited and their fuel prices

• TotalEnergies -N630 per litre
• Oando - N630 per litre
• MRS - N640 per litre
• NNPC Retail -N585 per litre
• Ardova - N628 per litre

Major marketers get approval for Dangote fuel

Meanwhile, ahead of the rollout of petrol from the Dangote refinery, the Major Energies Marketers Association of Nigeria(MOMAN) have secured approval to buy it.

Clement Isong, the executive secretary/chief executive officer of MOMAN, confirmed the development with Punch.

He said:

“I confirm that we (major marketers) have met with him (Dangote) all MOMAN members have registered with Dangote Petroleum Refinery to become marketers of its products. MOMAN members would have the product in their stations the moment it was available for sale.

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“We have all registered with Dangote so that we call buy and sell. All my members are registered with Dangote. Whenever the product is ready and starts coming out, you will see it in our filling stations."

NNPC declares a state of emergency

Legit.ng earlier reported that the Nigerian National Petroleum Company Limited (NNPC Ltd) declared a state of emergency on crude oil production.

Speaking at the ongoing 2024 Nigeria Oil and Gas (NOG) Energy Week in Abuja, NNPC Ltd's group chief executive officer, Mele Kyari, declared a decisive move to address forces and challenges hindering crude oil production in the country.

According to the NNPC Limited boss, Nigeria can conveniently produce two million barrels of crude oil daily without deploying new rigs.

Proofread by Kola Muhammed, journalist and copyeditor at Legit.ng

Source: Legit.ng