Filling Stations Slash Petrol Pump Price As Naira Appreciates to 7-Month High Against US Dollar
Some filling stations have decided to adjust their petrol pump prices downwards amid the appreciation of the naira against the US dollar.
This development could potentially lead to reduced transportation costs and alleviate inflationary pressures on households.
The Nigerian currency is currently exchanging against the dollar at its highest level in the last seven months
The pump price of Premium Motor Spirit, also known as petrol, has dropped from N640 and N660 per litre, which it sold a few weeks ago, to N620 per litre in some locations in Lagos state as naira appreciates significantly against the US dollar. Also, Legit.ng’s visits to some Nigerian National Petroleum Company Limited stations show the product is sold to motorists for around N580 per litre.
Although NNPCL has not officially announced new petrol prices in the country, the adjustments noticed in some filling stations in Lagos are a sign of good news to come amid the high cost of living.
Speaking on the development, Kunle Ademola, a fuel station manager in Lagos where petrol is sold at N620 per litre, explained that the depot price of petrol reduced the reason for the reduction from N650 to N620.
“For days, we have been closed and have just received our supply. Although other stations around us sell at N650, we are able to offer it at a cheaper rate because we just got a new supply which is less than what we paid previously.”
