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....CONTINUE READING
Also, TheNGblog 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.
In an earlier interview, Chinedu Okoronkwo, the former president of the Independent Petroleum Marketers Association of Nigeria (IPMAN), explained to Legit. ng the relationship between the performance of the Naira and the fuel price.
Okoronkwo had explained:
“Nigerians are aware that there is no more subsidy, and we have gotten into a new season where the market fundamentals are the ones playing the major role.
“As long as the dollar keeps rising in the foreign exchange market, the price of fuel in the country will continue to skyrocket and it is also in the reverse when naira get stronger.”
On Monday, April 15, 2024, the Naira closed at N1,136.04/$1 in the Nigerian Autonomous Foreign Exchange Market (NAFEM) foreign exchange (FX) market segment.
The new exchange rate represents a 0.6% or N6.34 value increase for naira when compared to lFriday’ say’s closing rate of N1,142.38/$1.
Similarly, on the black market, the Naira appreciated further to N1,000 a dollar, the highest level in seven months.
