The Nigerian National Petroleum Company Limited (NNPCL) has recently made a significant move by reducing the price of petrol. As of December 14, 2024, petrol is now being sold at N1,040 per litre at NNPCL retail stations, down from N1,060 per litre. This reduction marks a step toward easing fuel prices for consumers, following several price adjustments in the recent months.
In late November 2024, NNPCL had already lowered its ex-depot price to N1,030 per litre, contributing to the overall drop in retail fuel prices. This change is part of a broader strategy by the company to make fuel more affordable in Nigeria, a country that has been dealing with fluctuating petrol prices due to various global and domestic economic factors.
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Alongside the NNPCL’s price reduction, the Independent Petroleum Marketers Association of Nigeria (IPMAN) has expressed optimism for further reductions in fuel prices. IPMAN has called on the Dangote refinery to lower its ex-depot price from N970 per litre, as the cost of landing petrol has dropped to N900.28 per litre. This is expected to help stabilize the price of petrol and allow other marketers to pass on the savings to consumers.
The overall reduction in fuel prices is expected to have a positive impact on Nigeria’s economy. Consumers will likely benefit from lower transportation and living costs as a result of the price drop. The government’s actions, along with the call for even further reductions, have been well-received by the public, who have faced challenges with high fuel prices for an extended period.
These developments suggest that Nigeria might be moving toward a period of more stable and affordable fuel prices. With further potential reductions from refineries and distributors, consumers can hope for sustained lower prices, leading to some relief in a country where fuel costs play a significant role in everyday expenses.
