Petrol Prices Drop In Nigeria Ahead Of Festive Season

As the festive season draws near, Nigerians are seeing a slight reduction in the price of petrol, offering some relief during this period.

The price adjustment comes as a result of changes in global oil prices and exchange rates.

Three major fuel marketers have led the reduction:

• NNPC Limited and NIPCO are now selling petrol at ₦1,040 per litre.

• BOVAS, known for its competitive prices, has set its rate at ₦1,030 per litre.

This is a notable development, as petrol prices in Nigeria are often affected by international oil market trends, foreign exchange rates, and supply chain factors. The recent drop has been attributed to declining global crude oil prices, improved distribution systems, and competitive pricing by marketers.

Brent Crude, the global benchmark for oil prices, has seen slight decreases recently, reducing the cost of importing refined products into Nigeria. The involvement of NNPC in fuel supply management and the competition among private marketers like NIPCO and BOVAS have also contributed to the price drop.

This reduction comes at a crucial time when many Nigerians are preparing for increased travel during Christmas and New Year celebrations, easing the financial strain on households.

Despite this, some filling stations are still selling petrol at prices ranging between ₦1,060 and ₦1,080 per litre.

Send Us A Press Statement Advertise With Us Contact Us

 And For More Nigerian News Visit GWG.NG