The Nigeria National Petroleum Company Limited (NNPCL) has just slashed the price of Fuel from N1,020 to N899 in Lagos and to N970 in other states.
This price slash comes after Dangote Refinery announced it has reduced its fuel price from N970 to N899.50k.
Dr. Joseph Obele, the National Public Relations Officer of PETROAN, commended the price reductions and stated that it is a “response to the competitive impact of deregulation, which has led to increased competition in the downstream sector.”
He further presented a statement by the PETROAN’s president, Dr. Billy Gillis Hary which states, “According to the National President of PETROAN, Dr. Billy Gillis Hary, the price reduction is a welcome development that will bring relief to motorists and Nigerians during the holiday season.
“The Zonal leaderships of PETROAN and state Executive Councils across the 36 states of the federation have expressed optimism that the recent price reduction by NNPC will bring relief and put smiles on the faces of Nigerians at various retail outlets nationwide.
“This optimism stems from the fact that the price reduction will have a ripple effect on the economy, leading to reduced transportation costs, increased economic activity, and an improved standard of living for Nigerians.”
However, since there’s a general decline in the price of crude oil globally, the association hopes the price of fuel will generally drop further in the first 3 months in 2025.
Other reports show that Dangote Refinery has partnered with MRS to sell fuel to Nigerians at N935, a price lower than NNPCL’s price.
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