CHEAPER FUEL FOR NIGERIANS: NNPCL CUT EX-DEPOT PRICE TO N899

The Nigerian National Petroleum Company Limited (NNPCL) has reduced the ex-depot price of petrol from N1,020 to N899 per litre. This move is expected to spark a price war among oil marketers, ultimately benefiting consumers.

The price reduction is attributed to the global decline in crude oil prices and the naira's recent gain against the dollar. Marketers predict that petrol prices might drop further by the end of January 2025.

Here are the new regional prices for petrol:

Lagos: N899 per litre

Warri, Oghara, Port Harcourt, and Calabar: N970 per litre

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has welcomed the price reduction, stating that it will reduce the financial burden on citizens. 

The association's National President, Abubakar Maigandi, said Nigerians would get fuel at cheaper rates once marketers start taking the product at the reduced rate from NNPCL.

Dangote Refinery has also partnered with MRS to sell petrol at N935 per litre across its outlets nationwide. This move is seen as a response to the competitive impact of deregulation in the downstream sector.