Petrol marketers have adjusted petrol prices following improved supply in Lagos, Abuja and other Nigerian states.
Findings by TimesNow.com.ng around some petrol stations in Lagos show that the marketers crashed their pump prices by N100 per litre.
At the MRS filling station in the Iju-Ishaga area of Lagos, petrol prices crashed from N850 per litre to N750.
The attendants said the price crash was due to the product’s availability in the Lagos metropolis.
The petrol station manager, Olalekan Ojo, disclosed that they received instructions to reduce the prices because more vessels have arrived in Nigeria.
Also, the Ardova Petrol (AP) filling station along Iju Road, the price of the commodity sold for N700 from N800 per litre it sold a few days ago.
Feelers from Abuja also indicate that gas stations adjust their prices from N1,000 to N900 and N850 per litre.
At the NNPC Mega Station in Gudu, Abuja, motorists say they bought the product at N680 per litre instead of the N750 it sold two days prior.
The development comes as fuel marketers in Nigeria hailed President Bola Tinubu’s new directive to the Nigerian National Petroleum Company Limited (NNPC) to sell crude oil to Dangote Refinery and other refineries in naira instead of dollars.
The marketers are optimistic that the decision would lower fuel prices nationwide, benefiting consumers and the economy, TimesNow.com.ng reported.
According to the report, the Federal Executive Council (FEC) adopted the crude sale in naira decision starting with Dangote Refinery.
The Nigerian government has also said the country will save about $7.39 billion from selling crude oil to Dangote and other refineries in the local currency.
Reports say Zach Adedeji, the special adviser to the president and chairman of the Federal Inland Revenue Service (FIRS), stated that conducting transactions in naira is expected to ease the government’s foreign exchange burden and result in annual savings of about $7.3 billion.
The FIRS boss highlighted that the policy would stabilise the domestic crude oil prices by easing the effects of FX fluctuations.
He said the new plan is designed to reduce the pressure on Nigeria’s FX reserves by cutting monthly FX spending on petroleum products from $600 million to $50 million.
The government appointed AFREXIM bank as the facilitating bank for the transactions.
TimesNow.com.ng previously reported that petrol stations have adjusted pump prices after the Nigeria National Petroleum Company Limited (NNPC) said hitches in discharging petrol are responsible for the scarcity.
Findings by TimesNow.com.ng show that black marketers are exploiting the situation to sell petrol for as high as N1,300 per litre and N1,500 in some parts of Lagos and Ogun states.
The second petrol scarcity in two weeks has brought to the forefront the importance of local refining, as NNPC is the sole importer of the product in Nigeria.
