By Milcah Tanimu
In a significant development for Nigerian motorists, several major fuel stations have reduced their petrol prices dramatically. As of August 28, 2024, the price of petrol has fallen to around N630 per litre at some major oil marketers’ stations, a notable decrease from the previous range of N800 to N900 per litre.
Key marketers such as 11 Plc, Conoil Plc, Ardova Plc, MRS Oil Nigeria Plc, OVH Energy Marketing Limited, Total Nigeria Plc, and NNPC Retail are leading this price adjustment. For example, Ardova Plc stations in Ikotun, Lagos, are now offering fuel at N630 per litre, while NNPC Retail stations have set prices at N570 per litre.
Here are some of the updated prices at various stations:
– TotalEnergies – Ikeja, Lagos: N640 per litre
– Oando: N630 per litre
– MRS: N620 per litre
– NNPC Retail: N585 per litre
– Ardova: N640 per litre
This reduction in fuel prices follows an easing of fuel shortages and improvements in supply. However, many smaller stations are still selling fuel at higher prices.
In related news, the Major Oil Marketers Association of Nigeria (MOMAN) has received approval to procure petrol from the upcoming Dangote refinery. MOMAN members are registered with the refinery and are expected to stock its products once available.
Additionally, the Nigerian National Petroleum Company Limited (NNPC Ltd) has declared a state of emergency regarding crude oil production. NNPC’s group chief executive officer, Mele Kyari, emphasized that Nigeria has the capacity to produce up to two million barrels of crude oil daily without needing new rigs.
