The long-awaited competition in the downstream segment of the Nigerian oil and gas sector has somewhat started just as the Nigerian National Petroleum Company Limited (NNPCL) reduced its petrol pump price to N925 per litre at various outlets in Lagos, few days after Dangote refinery also announced its partnership with MRS Petrol station to sell petrol from its retail outlets nationwide at N935 per litre.
Veracity Desk (veracitydesk.com) learnt that this latest price downward adjustment is said to be effective from Monday, December 23, 2024 (today).
This review in the fuel pump price is a direct result of strategic changes within the country’s petroleum market.
This change is part of a broader initiative to fully deregulate the petroleum sector in Nigeria. The move towards a “willing buyer, willing seller” model reflects global practices where fuel pump prices are determined by market interactions rather than government-imposed controls. While deregulation aims to increase efficiency and attract investment, it has also led to the current spike in the fuel pump price.
Details later.
