Petrol Stations Set to Adjust Fuel Prices as Landing Costs Decline

Nigerians can expect a slight reduction in petrol prices following a recent drop in the landing cost of petroleum products.

According to information gathered by AFRIPOST from key suppliers, including the Nigerian National Petroleum Company Limited (NNPCL), the landing cost of petrol has decreased to ₦935.94 per litre, down from ₦977. This change is expected to lead to a reduction in pump prices across fuel stations nationwide.

Data from the Major Energy Marketers Association of Nigeria (MEMAN) also indicates a decrease in the landing cost of diesel, which now stands at ₦1,071.8 per litre, based on an exchange rate of ₦1,659.37 per dollar.

MEMAN’s latest report shows the following ex-depot prices in Lagos: ₦1,029 per litre for petrol, ₦1,120 per litre for diesel, ₦1,040 per litre for aviation fuel, and ₦1,125 per litre for LPG. The price of Compressed Natural Gas (CNG) ranges from ₦230 to ₦450 per scm. This reduction in costs is largely attributed to the recent stability of the exchange rate.

In other news, NNPCL has pledged to contribute to the revival of Nigerian football, aiming to restore its popularity and bring back excitement among citizens.

Mele Kyari, the Group Chief Executive Officer of NNPCL, made this commitment during a meeting with representatives from the National Sports Commission, the International Management Group (IMG), and the AfroSport Network at NNPC Towers.

Kyari assured the delegation, led by the Chairman of the National Sports Commission and Sports Minister Alhaji Shehu Dikko, that NNPCL is fully committed to supporting efforts to revitalize football in Nigeria. He also expressed the company’s readiness to collaborate with stakeholders in the sports sector to promote and commercialize the sport across the country.