The Nigerian National Petroleum Company Limited (NNPCL) has reduced the ex-depot price of petrol from N1020 to N899 per litre. This reduction varies across regions, with Lagos set at N899, while Warri, Oghara, Port Harcourt, and Calabar will see prices at N970 per litre.
Dr. Billy Gillis-Harry, National President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), praised the NNPCL’s decision, calling it a step toward affordability. “This reduction demonstrates NNPCL’s commitment to easing the economic strain on Nigerians. It will not only lower transportation costs but also increase disposable income and stimulate economic growth,” he stated.
The price adjustment is expected to have a ripple effect on the economy. Reduced petrol costs will lead to lower production expenses and subsequently more affordable goods and services. This is particularly crucial as Nigerians continue to grapple with inflation and high living costs.
For motorists, the reduction promises direct benefits, translating to savings on fuel expenses. For businesses, the drop in operating costs could spur growth and job creation, while for households, the eased cost of living might provide much-needed relief.
While stakeholders commend this development, there is cautious optimism about its sustainability. The government and NNPCL are urged to ensure that the benefits trickle down effectively to the grassroots and to maintain transparency in fuel pricing mechanisms.
This price reduction marks a positive shift in Nigeria’s energy landscape, sparking hope for economic recovery and a more sustainable fuel pricing system in the long term.
