Weather Report
7.02℃
Wednesday, March 12
Gillis-Harry said that “NNPC has no choice but to reduce petrol retail prices because it is not possible to see a product at a cheaper price and still go for NNPCL.” Ukadike also emphasized that the ongoing price battle between Dangote Refinery and NNPCL makes a price cut from the latter inevitable.
This price cut follows Dangote Refinery’s decision on February 1, 2025, to lower its ex-depot price from ₦970 to ₦870 per litre.
Naija Newsreports that this move followsMRS filling station’s announcement of a pump price reduction, in collaboration with Dangote Refinery, which has sparked a price war in the market.
Last December, Dangote Refinery reduced its ex-depot price from ₦899.50 to ₦970, prompting NNPCL to follow suit with its own price cut.
“It is likely that NNPCL will drop its price because there is a price war with Dangote Refinery.
“Go to the park, you will see that the price of transportation cost has not been impacted by the fuel reduction,”hGillis-Harry explained.
He suggested that boosting local production in sectors such as agriculture, fishing, and technology is necessary for economic relief “If you watch, the cost of transportation has not reduced in spite of the reduction of fuel at the retail market.
According to Gillis-Harry, Nigeria’s weak purchasing power is a key factor preventing these price cuts from significantly impacting daily expenses..
0 0 Read Full Story
