FAST DOWNLOAD
The price decrease from ₦1,060 to ₦1,040 per liter as a result of this adjustment provides consumers with some respite from the ongoing high cost of fuel.
According to reports from GURUTRENDS.COM.NG, the new price went into effect early on Saturday. Independently owned filling stations still charge higher prices for gasoline, ranging from ₦1,115 to ₦1,120 per liter, depending on where they are.
The timing of this action coincides with cautious optimism among those involved in Nigeria’s oil and gas sector regarding the possibility of additional price reductions in the upcoming months.
Increased domestic refining capacity is the main source of optimism; the Port Harcourt refinery has just started up again, and the Dangote refinery, which has a capacity of 650,000 barrels per day, is currently actively supplying goods to the Nigerian market.
According to experts, increased domestic production might lessen Nigeria’s reliance on pricey fuel imports, which have historically raised consumer prices. Oil marketers and trade groups have also hinted that as domestic supply stabilizes and logistical issues are resolved, more competitive pricing may appear.
The NNPC’s decision to cut petrol prices is seen as a step toward easing the financial strain on Nigerians, many of whom have been grappling with elevated fuel costs following subsidy removal.
With two major refineries now contributing to the domestic supply chain, there is renewed hope for improved fuel affordability and stability in the energy sector.
In Nigeria’s pursuit of energy independence, this development marks a significant turning point that could lead to a more sustainable and consumer-friendly fuel market.
