Petroleum marketers have confirmed that select stations operated by the Nigerian National Petroleum Company Limited (NNPCL) have adjusted their pump prices, bringing petrol down to N860 per litre from its previous highs.
This reduction, they say, is in response to slight improvements in foreign exchange rates and recent interventions by the government to stabilize the fuel supply chain.
Independent oil marketers, however, argue that the price cut at NNPCL outlets is yet to reflect across the wider market, where many stations still sell fuel at prices exceeding N900 per litre. They attribute this disparity to lingering logistics costs, import hurdles, and dealer markups.
While the price reduction is seen as a positive step in easing the financial burden on Nigerians, many consumers remain concerned about fluctuations in fuel prices and the lack of regulatory control over independent marketers. Experts suggest that for prices to become more stable, the government must address structural challenges in the petroleum industry, including refining capacity and the impact of forex volatility on fuel imports.