New Petrol Pricing by NNPCL and Dangote Offers Nigerians Fresh Hope
- NNPCL and Dangote refinery introduced new petrol pricing, lowering pump prices at filling stations
- First, the Dangote petroleum refinery announced a reduction in its ex-depot petrol price for oil marketers
- A few days later, NNPC Limited announced an even cheaper petrol price, raising hopes among Nigerians for further reductions in the future
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.
The Nigerian National Petroleum Company Limited (NNPCL) and Dangote Refinery recently announced a reduction in the pricing for premium motor spirit (PMS) or petrol.
The development resulted in new pump prices at filling stations across the country.
Source: Getty Images
Dangote Refinery announced a reduction in ex-depot price from N970 to N899.50 per litre.
The 650,000 barrels-per-day facility also decided to partner with MRS Oil Nigeria to ensure that its petrol is sold at N935 per litre at filling stations across the country.
Similarly, the Nigerian National Petroleum Company (NNPC) Limited slashed its petrol ex-depot price from N1,020 to N899 per litre, while its retail stations reduced pump prices from N1,025 to N925 per litre in Lagos, Punch reports.
Filling stations adjust petrol price
There have been changes in petrol prices, as checks show retail stations of AP and Total, and most marketers are selling fuel below N1,000 per litre.
The changes in petrol prices have raised hopes for better days ahead for Nigerians.
Adewale Martins, a commercial driver, shared the impact of the changes on his daily earnings.
He said:
"Although the changes are still not what we all want, at least this is a good sign that, in the future, we will be able to buy fuel at cheaper price."
Also, a public servant, Kunle Adebayo, said:
"We are really hoping that the price will at least drop to N600 now that we have the Port Harcourt refinery and Dangote refinery competing for market share.
"After all, this is the benefit of producing your own products."
Also, Chinedu Asadu reacted to the new prices/
"For me, aside from the price reduction, I am more impressed that, for the first time in years during December, there are no queues for fuel at the fueling stations. Now, we also have a price slash competition between the two petrol giants.
"Hopefully, there will be more reductions in the days ahead."
Dangote explains price changes
Speaking on an AriseTV documentary, Dangote said that the reduction in the price of petrol is due to market dynamics.
He said:
“I took this step out of love for my country and to leave a legacy. Investing in companies like Google or Apple would have been easier and more profitable, but I chose to make an impact here.”
Experts explain reason for petrol price drop
Legit.ng earlier reported experts' explanations for the changes in petrol prices across the country.
According to the experts, the key driver for the drop is the intense competition in Nigeria's petroleum industry.
They pointed out that now, with Nigeria boasting two functional refineries, Nigerians should expect further petrol price changes.
Proofreading by Nkem Ikeke, journalist and copy editor at Legit.ng.
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