Petrol stations across Nigeria adjusted their prices on Monday as the Nigerian National Petroleum Company (NNPC) reduced the pump price of petrol to ₦860 per litre.
The move, driven by an intensifying price war and fluctuating global crude oil prices, came as a relief to many struggling with the rising cost of living.
On Monday, the Nigerian National Petroleum Company Limited (NNPC) announced a reduction in the pump price of petrol, lowering it to ₦860 per litre from ₦920 per litre.
This decision intensifies the ongoing price war between major marketers and independent petroleum dealers, as they respond to fluctuating global crude oil prices.
Meanwhile, Dangote Petroleum Refinery further fuelled the competition by cutting its ex-depot price from ₦890 to ₦825 per litre, marking its second reduction in February.
Following this adjustment, Dangote’s partner filling stations in Lagos quickly revised their prices:
•MRS now sells petrol at ₦860 per litre
•AP adjusted its price to ₦865 per litre
•Heyden also set its price at ₦865 per litre
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These price cuts have triggered intense competition among private marketers, who are actively adjusting their rates to attract more customers.
As a result, Nigerians struggling with the rising cost of living are experiencing temporary relief.
However, not everyone views the reductions with optimism.
Scepticism Over Long-Term Sustainability
Adetutu Ogunleye, a commercial bus driver in Lagos, shared his scepticism.
“This is good news, but we hope it’s not just a temporary move to calm the public. Fuel prices have been too high for too long, and we need lasting solutions.”
As fuel prices continue to shift, Nigerians closely monitor the situation, hoping for long-term stability rather than short-lived relief.
Whether this signals a lasting downward trend or just another temporary adjustment remains uncertain.
