New Fuel Prices Emerge at NNPC, Matrix, Ardova, Mobil Filling Stations

New Fuel Prices Emerge at NNPC, Matrix, Ardova, Mobil Filling Stations

  • NNPC and other oil marketers' filling stations across the country have reduced their pump prices for one litre of petrol
  • Checks by Legit.ng revealed changes in petrol prices at several filling stations visited, although most prices remain above N1,000
  • Dangote also announced that it has partnered with MRS to reduce fuel prices, followed by a similar move from NNPC

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, including that of the Nigerian National Petroleum Company Limited (NNPCL), have reduced the retail price of premium motor spirits, popularly known as petrol.

NNPC, other filling stations reduce fuel prices
Petrol prices at NNPC filling stations have been reduced Photo credit: Bloomberg/contributor
Source: Getty Images

Nigerians have taken to social media to reveal the changes, although checks by Legit.ng showed that most fuel stations are still selling above N1,000 per litre.

At Ardova filling stations in Ikotun, a fuel attendant told Legit.ng that the pump price for fuel has been reduced from N1,050 to N1,020.

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An attendant who gave her name as Bimpe said:

"Yes, this morning, our manager adjusted the pump price. We are currently selling at N1,020 per litre to our customers."

A commercial driver, Chinedu, who confirmed the price drop, said:

"What I observed is that the prices vary. The Ardova filling station at Ikotun Roundabout is selling at N1,040, but just a few minutes' drive ahead, another Ardova filling station is selling at N1,020.
While I am happy about the changes, I hope the prices will be reduced further."

At the Matrix filling station, another attendant confirmed a price reduction of N1,025 from the previous price of N1,070.

MRS filling stations sell fuel at N935, while the NNPC Limited station visited just before Egbeda had a pump price set at N1,015 and above in Lagos.

Another random check conducted yesterday in Lagos shows Mobil and TotalEnergies, among others, sell for N1015 and N1060, respectively.

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Fuel price drops in Abuja

Punch reports that petrol has dropped to N965 per litre in the Federal Capital Territory from the previous price of N1,060.

At its mega station located along Wuse Zone 4 and Olusegun Obasanjo Way, Central Area, the commodity's price was sold at N965 per litre.

Why is fuel price dropping?

Legit.ng had earlier reported that NNPC Limited lowered pump prices from N1,020 per litre to N899 in Lagos, N970 in Warri, Delta State, N970 in Port Harcourt, and N970 per litre in Calabar.

This was revealed by Billy Gillis-Harry, the National President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN).

Similarly, Dangote Refinery announced a reduction in the ex-depot price of petrol from N970 to N899.50 at its refinery loading gantry and provided generous credit terms to marketers.

To ensure the impact is felt, the refinery partnered with MRS to sell petrol at N935 per litre through its retail outlets nationwide.

Read also

Filling stations to adjust petrol pumps from Monday as NNPC slashes price

IPMAN assures of lower fuel price

In a related development, the Independent Petroleum Marketers Association of Nigeria (IPMAN) says the petrol price will drop to N935 per litre by today(Monday).

He said a new agreement with Dangote Refinery will help make this possible.

IPMAN members control over 30,000 filling stations in Nigeria, and a price change is expected to be felt.

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Source: Legit.ng

Authors:
Dave Ibemere avatar

Dave Ibemere (Senior Business Editor) Dave Ibemere is a senior business editor at Legit.ng. He is a financial journalist with over a decade of experience in print and online media. He also holds a Master's degree from the University of Lagos. He is a member of the African Academy for Open-Source Investigation (AAOSI), the Nigerian Institute of Public Relations and other media think tank groups. He previously worked with The Guardian, BusinessDay, and headed the business desk at Ripples Nigeria. Email: dave.ibemere@corp.legit.ng.

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