Nigerian Fuel Prices Drop: Filling Stations Adjust Petrol Rates in Response to Naira’s Appreciation

Some filling stations in Lagos State have recently reduced the price of Premium Motor Spirit (PMS), commonly known as petrol, to ₦620 per litre.

This adjustment comes in the wake of the Nigerian Naira’s strengthening against the US Dollar, as well as a new supply of fuel being offered at a lower rate by the Nigerian National Petroleum Company Limited (NNPCL).

Previously, fuel in these stations was sold for between ₦640 and ₦660 per litre.

However, recent developments have led to a downward review in the price of petrol, with some stations now offering the product at a reduced rate.

The fuel station manager at one of the affected stations, identified as Kunle Ademola, explained that the new supply of petrol is less expensive than what they used to pay at the depot, allowing them to offer the product at a lower price.

While the NNPCL has not officially announced any reduction in the price of petrol, its stations have been selling the product at ₦580 per litre.

This move by the NNPCL is expected to have a ripple effect on the overall fuel market, leading to a potential decrease in the cost of transportation and, subsequently, a reduction in the price of commodities as marketers pay less to move their goods.

This adjustment in fuel prices in Lagos State is a welcome development for the Nigerian economy, as it could lead to more affordable goods and services for the general population.

The government and the NNPCL are closely monitoring the situation and will provide updates as necessary.

The recent reduction in fuel prices in Lagos State is a positive step towards a more stable and affordable economy.

As the Nigerian Naira continues to strengthen against the US Dollar, it is expected that this trend will continue, and fuel prices will become more affordable for consumers.