In a welcome relief to consumers, the Nigerian National Petroleum Company Limited (NNPCL) has announced a significant downward adjustment in petrol pump prices, now selling at N860 per litre.
This move follows recent positive developments in the forex market, including the strengthening of the naira against the dollar and ongoing market dynamics.
NNPCL spokesperson, Femi Soneye, confirmed the price revision, emphasizing that the corporation has been consistently responsive to market changes by implementing downward adjustments in most areas.
He underscored that such adjustments are part of regular market-driven practices within the energy sector.
“We have refrained from issuing formal press statements for minor price adjustments, given the routine nature of pricing fluctuations in our operations,” Mr. Soneye stated, highlighting NNPC’s role in maintaining energy security and enhancing sector competitiveness for potential investors.
The recent dip in fuel prices marks a significant shift from the challenges faced following the removal of fuel subsidies at the start of President Bola Tinubu’s administration in May 2023.
The policy change initially saw petrol prices skyrocket from N145 to over N1000 per litre, causing widespread economic disruptions, particularly in transportation and workforce operations.
President Tinubu’s subsequent introduction of Compressed Natural Gas (CNG) vehicles aimed to provide a cost-effective alternative to petrol, though uptake remains cautious among Nigerians.
The impending operations of the Dangote Refinery by late 2024 promised some respite, with projections of petrol prices dropping below N1000 per litre during festive seasons.
However, recent gains by the naira on the global currency market, appreciating from N1,700 to N1,500 against the dollar, have played a pivotal role in driving down fuel costs nationwide.
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