(See New Price) Filling Stations Reduce Price Of Petrol – ‘Fuel Is No More ₦660 Per Litre’

(See New Price) Filling Stations Reduce Price Of Petrol – ‘Fuel Is No More ₦660 Per Litre’

Recent observations in Lagos State reveal that some filling stations have implemented a significant reduction in the price of Premium Motor Spirit (PMS), commonly known as petrol. Previously ranging between ₦640 and ₦660 per litre, petrol prices have now dropped to ₦620 per litre in these stations……READ ALSO Federal Lawmaker Contracts 15 Filling Stations To Sell Petrol At N430 Per Litre (DETAILS)

The reduction in petrol price is attributed to the recent strengthening of the Nigerian Naira against the US Dollar. Additionally, fuel station managers cite the availability of a new, cheaper supply as a contributing factor to the reduced price.

According to Kunle Ademola, a station manager interviewed on the matter, their ability to offer petrol at ₦620 per litre stems from securing a new supply that is more economical compared to previous purchases at the depot. While neighboring stations continue to sell at ₦650 per litre, Ademola’s station can provide petrol at a lower rate due to the cost-efficient supply.

Despite no official announcement from the Nigerian National Petroleum Company Limited (NNPCL) regarding a price reduction, some of its stations reportedly sell petrol at ₦580 per litre.

If this downward trend in petrol prices persists, it is expected to lead to reduced transport costs and ultimately contribute to a decrease in the prices of goods and commodities, as marketers incur lower transportation expenses.

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