Filling stations across the country have made adjustments to the pump price of petrol for their customersNNPC and other independent marketers have all reduced their petrol prices, with MRS confirming the changesThere are expectations that fuel prices will decrease further as international crude oil prices drop again
Henzodaily.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.
There is relief for Nigerians as filling stations across the country maintain their pump price of petrol below N1,000 per litre following the yuletide price slash from the Nigerian National Petroleum Company (NNPC) Limited and Dangote Petroleum Refinery.
There were fears that petrol prices would rise above N1,000 per litre after the yuletide season.
New fuel prices at filling stations
Photo credit: Bloomberg/contributor
Source: Getty Images
Henzodaily.ng reported that the Dangote Refinery announced a Season’s Bonanza, offering buyers a minimum of 2 million litres at N899.50 per litre with an additional equal volume on credit, payable within 15 days, backed by a bank guarantee from Access Bank, First Bank, or Zenith Bank, all interest-free.
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The refinery partnered with MRS Oil Nigeria Plc to enable Nigerians to buy fuel at affordable prices.
A few days later, the NNPC Limited made a similar adjustment, further reducing the price to below N900.
Filling stations continue to sell below N1,000
Checks at various filling stations in Lagos show that fuel pump prices continue to sell below N1,000.
A fuel attendant at Ardova filling stations, who gave her name as Vicky, told Henzodaily.ng:
“Yes our pumps remain the same from the December period when the price slash was first announced.
“Our pump price is N920 per litre since December 24th and the management have not made any changes.”
Ardova Plc and Heyden Petroleum recently successfully struck a deal with Dangote Refinery to sell petroleum products at affordable prices at their filling stations.
Also, Mobil station visited was seen dispensing fuel to customers at N940 per litre.
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A commercial driver Tayo Alabi said:
“Honestly, I was initially worried that prices would rise above N1,000 after the holidays, but most stations I buy fuel from have not changed their prices. It is even cheaper at NNPC retail stations. We are really hoping for a further drop.”
MRS Oil Nigeria Plc also used social media to remind Nigerians that its yuletide price slash remains in effect.
A message posted on X reads:
“MRS petrol is still available at N935 per litre. Kindly visit any of our stations across the country and fuel up with confidence.
“If you encounter a different price at any of our stations, please give us a call or send an email.”
IPMAN promises lower fuel price
In a related development, the Independent Petroleum Marketers Association of Nigeria (IPMAN) has assured Nigerians that fuel prices will be cheaper.
The association said there is a uniform price agreement with Dangote Refinery that will help make this possible.
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Good news as Dangote, Ardova signs agreement for bulk purchase of fuel
IPMAN National President Maigandi Garima disclosed the expected price changes.
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Source: Henzodaily.ng