See more as NNPC announces new fuel prices below Ardova, MRS, others

• NNPC Limited has decided to trim the pump terms for Premium Motor Spirit (PMS) for Nigerians
• The caller terms comes days aft Ardova, MRS, and different partners of Dangote refinery slashed their prices beneath N930
• The caller substance terms volition travel arsenic a invited alleviation for Nigerians battling the precocious outgo of surviving crossed the country

Legit.ng journalist Dave Ibemere has implicit a decennary of concern journalism acquisition with in-depth cognition of the Nigerian economy, stocks, and wide marketplace trends.

The Nigerian National Petroleum Company Limited (NNPCL) has slashed its petrol pump terms to N910 per litre connected Wednesday, April 16.

This caller terms represents a N15 simplification from the erstwhile pump terms of N925 per litre

NNPC slashes petrol prices Photo credit: Bloomberg/contributor
Source: Getty Images

Amos, a filling presumption attendant successful Lagos who confirmed the caller terms to Legit.ng, said:

"Our manager received instructions connected Wednesday greeting to alteration the pump terms to N910. We person been selling astatine this terms since then."

Other substance stations slash prices

Ealier, Legit.ng reported that Ardova, Mobil, Petrocam, Hyden, and Matrix person announced reductions successful pump prices.

At the Ardova filling station, the substance pump terms was reduced by N10, from N930 per litre to N920. Fuel is besides present being sold astatine N920 per litre astatine the MRS filling station.

While Mobil filling stations person reduced their terms to N925 per litre, down from N940, Petrocam lowered its terms from N940 to N930.

NNPC's filling presumption to set pumps Photo credit: Bloomberg/contributor
Source: UGC

Depots slash prices for marketers

More substance terms simplification is expected arsenic assorted depots crossed the state supplying to marketers slash prices, including Dangote, Vanguard reports.

Ex-depot petrol terms refers to the terms it is sold from a depot (a retention facility) oregon a organisation point.

Data tracked shows that Heyden recorded the sharpest drop, falling by N182 to merchantability astatine N847 per litre, a 17.69% decrease.

MRS Tincan followed closely, shedding N57 to settee astatine N850 per litre, portion Dangote’s depot reduced its terms by N31.5 to N835, representing a 3.64% drop, Punch reports.

Other simplification observed see Sobaz (N870, down N35), Aiteo (N860, down N1), Sigmund (N872, down N2), Alkanes (N868, down N2), and Liquid Bulk (N874, down N8).

However, prices held dependable astatine respective depots, including Rainoil Lagos (N865), Ardova (N865), Sahara (N865), AIPEC (N864), Menj (N863), A. A Rano (N863), Eterna (N865), and Pinnacle Warri (N869).

Warri-based Matrix remained unchanged astatine N872, and Prudent successful Oghara besides held steadfast astatine N870 per litre.

PETROAN expects much reduction

Ealier, Legit.ng reported that the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) says Nigerians volition soon statesman to reap the benefits of falling planetary crude lipid prices, pursuing Dangote Refinery’s determination to slash ex-depot terms to N865 per litre.

Joseph Obele, PETROAN's spokesperson, noted that the cardinal to cheaper substance is the national government’s naira-for-crude lipid policy.

He explained that the argumentation protects Nigeria’s system from lipid marketplace fluctuations abroad.

He besides mentioned that it aims to trim dependence connected overseas currency, promote section refining, and assistance stabilise petrol prices.

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Source: Legit.ng