FRESH Hope For Nigerians As Fuel Pump Price Reduces To This SHOCKING Amount, See New Rate Announced
In a significant development, the Nigerian National Petroleum Company Limited (NNPCL) and Dangote Refinery have announced reductions in the price of premium motor spirit (PMS), commonly known as petrol. This decision has already led to notable changes at filling stations across the country, bringing relief to consumers.
Dangote Refinery, which operates a 650, 000 barrels- per- day facility, reduced its ex- depot price from N970 to N899. 50 per litre. Additionally, in partnership with MRS Oil Nigeria, the refinery set a pump price of N935 per litre at retail outlets nationwide.
Similarly, NNPCL lowered its ex- depot price from N1, 020 to N899 per litre. Retail stations owned by NNPCL also reduced their pump prices from N1, 025 to N925 per litre in Lagos and other regions, according to reports.
Market Adjustments Across Filling Stations
The reduction has led to adjustments in petrol prices at major retail stations. Checks reveal that outlets such as AP and Total, along with independent marketers, have reduced fuel prices to below N1, 000 per litre, signaling a promising trend for consumers.
Public Reaction and Hope for Further Reduction
The price changes have sparked optimism among Nigerians.
Adewale Martins, a commercial driver, shared his perspective:
” While the reduction isn’ t ideal yet, it’ s a step in the right direction. It gives hope that, eventually, petrol might become more affordable for everyone. ”
Public servant Kunle Adebayo added:
” With both the Port Harcourt and Dangote refineries now operational, competition could push prices even lower, potentially to around N600 per litre. Producing our own fuel is proving beneficial. ”
For others, like Chinedu Asadu, the lack of fuel queues this December is just as noteworthy:
” Beyond the price cuts, it’ s remarkable that we aren’ t seeing long queues at fuel stations for the first time in years. This price competition between NNPCL and Dangote Refinery is promising. ”
Reasons Behind The Reduction
Speaking in an AriseTV documentary, Aliko Dangote attributed the reduction to market dynamics.
” This step wasn’ t about profit but about leaving a legacy for Nigeria. I could have invested elsewhere for better returns, but I wanted to make a lasting impact here, ” Dangote said.
Experts have also weighed in, citing the intense competition between NNPCL and Dangote Refinery as a major factor driving the price adjustments. With Nigeria now having two functional refineries, consumers can anticipate further reductions as market forces play out.
This development has ushered in optimism for a more stable and competitive petroleum sector in Nigeria.
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