The Nigerian National Petroleum Company Limited (NNPCL) and Dangote Refinery recently announced a reduction in the pricing for premium motor spirit (PMS) or petrol.
The development resulted in new pump prices at filling stations across the country.
Dangote Refinery announced a reduction in ex-depot price from N970 to N899.50 per litre.
The 650,000 barrels-per-day facility also decided to partner with MRS Oil Nigeria to ensure that its petrol is sold at N935 per litre at filling stations across the country.
Similarly, the Nigerian National Petroleum Company (NNPC) Limited slashed its petrol ex-depot price from N1,020 to N899 per litre, while its retail stations reduced pump prices from N1,025 to N925 per litre in Lagos, Punch reports.
There have been changes in petrol prices, as checks show retail stations of AP and Total, and most marketers are selling fuel below N1,000 per litre.
The changes in petrol prices have raised hopes for better days ahead for Nigerians.
Adewale Martins, a commercial driver, shared the impact of the changes on his daily earnings.
He said:
Also, a public servant, Kunle Adebayo, said:
Also, Chinedu Asadu reacted to the new prices/
Speaking on an AriseTV documentary, Dangote said that the reduction in the price of petrol is due to market dynamics.
He said:
TimesNow.com.ng earlier reported experts’ explanations for the changes in petrol prices across the country.
According to the experts, the key driver for the drop is the intense competition in Nigeria’s petroleum industry.
They pointed out that now, with Nigeria boasting two functional refineries, Nigerians should expect further petrol price changes.
Proofreading by Nkem Ikeke, journalist and copy editor at TimesNow.com.ng.
Source: TimesNow.com.ng
