Nigerians have begun to see some relief at the fuel pump as several filling stations across the country have significantly reduced petrol prices, with some stations cutting prices by more than N200 per litre. This reduction comes amid ongoing fuel scarcity that has plagued the nation in recent months.
Despite many independent filling stations still selling fuel at prices above N750 per litre, checks reveal that stations operated by major oil marketers are now offering petrol at much lower rates, with some selling as low as N630 per litre. This is a notable drop from the N800 to N900 per litre seen at other outlets since the scarcity began.
In particular, stations owned by major marketers, including 11 Plc, Conoil Plc, Ardova Plc, MRS Oil Nigeria Plc, OVH Energy Marketing Limited, Total Nigeria Plc, and NNPC Retail, have been observed selling fuel below N650 per litre. For instance, in the Ikotun area of Lagos, two Ardova Plc stations were dispensing fuel at N630 per litre, while an NNPC outlet offered it at N570 per litre.
Below is a snapshot of the prices at various stations:
– **TotalEnergies, Ikeja, Lagos:** N640 per litre
– **Oando:** N630 per litre
– **MRS:** N620 per litre
– **NNPC Retail:** N585 per litre
– **Ardova:** N640 per litre
This price reduction comes as the Major Oil Marketers Association of Nigeria (MOMAN) has secured approval to purchase fuel from the soon-to-be-operational Dangote Refinery. Clement Isong, Executive Secretary and CEO of MOMAN, confirmed that all MOMAN members have registered with the Dangote Petroleum Refinery to market its products, ensuring that petrol from the refinery will soon be available at their stations.
Meanwhile, the Nigerian National Petroleum Company Limited (NNPC Ltd) has declared a state of emergency on crude oil production as it seeks to address the challenges and obstacles that have hampered the country’s output. NNPC Ltd’s Group Chief Executive Officer, Mele Kyari, stated that Nigeria has the capacity to produce two million barrels of crude oil daily without the need for new rigs, highlighting the urgency of resolving the current production issues.
The reduction in fuel prices by major marketers provides some respite to Nigerians, who have been grappling with the high costs and scarcity of petrol. As the situation develops, motorists hope for further stability in fuel supply and pricing.
