Nigerians are enjoying slight relief at the pump as petrol prices have dropped just ahead of the festive season. Leading the adjustment are NNPC Limited and NIPCO, both selling petrol at ₦1,040 per litre, while BOVAS offers a lower price of ₦1,030 per litre. This reduction comes amid fluctuating global oil prices and exchange rates.
The price decrease is linked to improved logistics, competitive pricing, and recent declines in global crude oil prices, including Brent Crude. The Nigerian National Petroleum Company’s strategic involvement and the competition from private marketers have also contributed to this trend.
This adjustment comes at a critical time as Nigerians prepare for increased travel during Christmas and New Year celebrations. However, some stations still sell petrol at higher prices, ranging between ₦1,060 and ₦1,080.