Breaking: Fuel prices sets to drop

Fuel prices in Nigeria are poised for a slight reduction, following a drop in the landing cost of petroleum products.

Reports indicate that the cost of petrol has fallen to ₦935.94 per litre, a decrease from the previous ₦977 per litre. This adjustment is expected to translate into lower pump prices at fuel stations nationwide.

The Nigerian National Petroleum Company Limited (NNPCL) and other major suppliers confirmed the decline, attributing it to recent improvements in the exchange rate and market conditions.

Similarly, the Major Energy Marketers Association of Nigeria (MEMAN) has reported a decrease in diesel prices. Diesel now costs ₦1,071.8 per litre, down from earlier highs, with prices based on the current exchange rate of ₦1,659.37 per dollar.

MEMAN’s latest price breakdown for Lagos ex-depot locations includes:

Petrol: ₦1,029 per litre

Diesel: ₦1,120 per litre

Aviation fuel: ₦1,040 per litre

Liquefied Petroleum Gas (LPG): ₦1,125 per litre

Compressed Natural Gas (CNG) remains priced between ₦230 and ₦450 per standard cubic metre, reflecting the impact of recent exchange rate stability.

Industry experts anticipate that this trend could ease the burden on Nigerian consumers, who have faced months of soaring fuel costs. However, stakeholders have urged continued monitoring of market conditions to ensure sustained affordability.