TUE MARCH 04 2025-theGBJournal| The Nigerian National Petroleum Company Limited (NNPCL) has reduced petrol pump price to N860 per litre, and consumers say they are elated and hopes the reduction impact on transportation cost positively and sooner.
The latest drop has since been officially confirmed by Hammed Fashola, the National Vice President of the Independent Petroleum Marketers Association of Nigeria (IPMAN).
Fashola described the price reduction as a positive a advancement and a much-needed relief for Nigerians.
Fashola said, “It is true, NNPC is selling petrol at N860 in the filling stations. Though this has not reflected on the portal, they told me they are working on updating the portal.”
Since Dangote Petroleum Refinery began ex-depot price reduction of its Premium Motor Spirit (PMS), commonly known as petrol in December 2024, petrol price has fallen by a total of N125 per litre.
Recall that in December 2024, Dangote Refinery reduced ex-depot price from N970 to N899.50 per litre, a decrease of N70.50. On February 1, 2025, the price was further reduced from N950 to N890 per litre, a reduction of N60 and in February 27, 2025, an additional reduction brought the price down by N65 to N825 per litre.
This series of reduction has resulted in pump prices ranging between N860 and N865 per litre in Lagos.
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