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Petrol Price Crashes To ₦140/Litre In Lagos And Major Cities

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Petrol Price Crashes To ₦140/Litre In Lagos And Major Cities

The Nigerian National Petroleum Corporation NNPC have continued to subsidize the pump price of petrol across Nigeria as announced recently. In Lagos and some major cities in Nigeria, petrol now sells as low as ₦139.99 per litre.

The NNPC confirmed the low price in a statement yesterday, maintaining that its sustained strategic intervention in the efficient supply and distribution of petroleum products has led to significant fall in the prices of petrol and Liquefied Petroleum Gas (LPG), also known as cooking gas, nationwide.

The mega station and NNPC affiliate stations across the country are selling the product for N143 per litre, while the pump price range from between N142 and N145 per litre in some major and independent marketers in Lagos, Abuja, Sokoto, Enugu, Delta and other major cities.

The corporation said in a statement issued by the Group General Manager, Group Public Affairs Division, Ndu Ughamadu, at the weekend that a national survey by Oil and Gas Forum, its weekly TV programme, indicated that in the last few weeks, the price of petrol has fallen steadily from N145 per litre to between N142 and N143 per litre in some stations across the country.

One of the respondents in the survey and a manager at an independent fuel retail station in Abuja, Mohammed Abdullahi, said the station currently sells petrol at N142 per litre in line with the prevailing market situation in order to sustain the turnover of the business and to attract more motorists to the station.

Another independent marketer in Mosimi, Emeka Ikechukwu, said the going ex-depot prices of PMS had dropped from N138 per litre in most depots to N133.28 in NNPC depots and between N130 and N131 per litre in private depots.

However, the situation is slightly different in Aba and Umuahia in Abia State and Calabar in Cross River State where most independent fuel stations, as well as major marketers, sell the product at N145 per litre.

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