NNPCL has reduced the pump price of petrol to N1,260 per liter, marking the second price cut in four days. This adjustment follows a decline in global crude oil prices and aims to enhance competition in Nigeria's deregulated downstream petroleum sector.
Nigerians are awaiting a reduction in petrol prices from Dangote Refinery, NNPC, and marketers, despite crude oil prices falling to $73 per barrel. Analysts explain the delay is due to inventory costs and regulatory issues, with current prices remaining above ₦1,200 per liter.
Motorists in Nigeria are demanding cheaper petrol prices as crude oil prices fall. Despite a decline in global oil prices, local petrol prices remain high, with reports of petrol selling between N1,200 and N1,400 per liter. Drivers express frustration over transport costs.
