₦airaland Forum

By Seun Adeuyi


The Nigerian National Petroleum Company Limited has reduced the pump price of petrol at its retail outlets to N1,130 per litre in Lagos and N1,165 per litre in Abuja.

The new pricing reflects a N100 reduction from the previous N1,230 per litre in Lagos and a N95 decrease from N1,260 per litre in Abuja.

Checks showed that the revised price was being dispensed at several NNPC retail stations in Lagos, including outlets along Isheri Oshun Road, Apple Junction and Ago Palace Way.

Similarly, some stations operated by the national oil company in the Federal Capital Territory were selling petrol at N1,165 per litre, including outlets in Jabi, Lifecamp, Wuse Zone 5 and Wuse Zone 4.

The price adjustment follows a recent reduction in the ex-gantry price of petrol by the Dangote Refinery, which lowered its rate to N1,075 per litre amid easing global oil prices.

According to OilPrice.com, Brent crude prices recorded a sharp reversal on Tuesday, falling by nearly 27 per cent from the previous day’s high of $119 per barrel to about $87 per barrel.

Similarly, diesel is now priced at N1,430 per litre at the gantry, representing a N190 reduction from the earlier price of N1,620 per litre.

Nigeria produces about 1.6 million barrels of oil daily. It costs them little to nothing. The oil companies pay for the expenses of drilling, and take about 40% of the oil as compensation according to the agreement. Either party can do whatever they want with their share of the oil.

It’s like an empty plot of land you inherited. A farmer comes along and agrees with you to farm on the land with his own tools and workers, and you both share the proceeds of the harvest 60 : 40.

Nigeria’s share of the oil is about 900,000+ barrels daily. Nigerians consume only about 300,000 barrels daily.

If Nigeria chooses to sell 300,000 barrels of crude to local refineries at the $50 budget benchmark, local refineries can sell petrol to Nigerians at the regular price. The Iranian war will not affect Nigerians.

Nigeria still has 600,000+ barrels of crude to export or sell at the prevailing international price.

I am putting this information out there so that you can ask your politicians the right questions. Don’t wait for Mehdi Hasan to ask the questions for you. Do the research yourself and ask the tough questions. That’s the only way politicians will stop playing with you.

donleo92:
So it means that cost of transportation can go back to its normal price

givedemwotowoto:
If not for the outrage and planned protests, they would have used the Iran war as an excuse to keep the price at N2,000+ by now. If you like keep explaining and defending rubbish because of tribe and partisan politics.

givedemwotowoto post=13874775.4:
If not for the outrage and planned protests, they would have used the Iran war as an excuse to keep the price at N2,000+ by now. If you like keep explaining and defending rubbish because of tribe and partisan politics.

Islie:
By Seun Adeuyi


The Nigerian National Petroleum Company Limited has reduced the pump price of petrol at its retail outlets to N1,130 per litre in Lagos and N1,165 per litre in Abuja.

The new pricing reflects a N100 reduction from the previous N1,230 per litre in Lagos and a N95 decrease from N1,260 per litre in Abuja.

Checks showed that the revised price was being dispensed at several NNPC retail stations in Lagos, including outlets along Isheri Oshun Road, Apple Junction and Ago Palace Way.

Similarly, some stations operated by the national oil company in the Federal Capital Territory were selling petrol at N1,165 per litre, including outlets in Jabi, Lifecamp, Wuse Zone 5 and Wuse Zone 4.

The price adjustment follows a recent reduction in the ex-gantry price of petrol by the Dangote Refinery, which lowered its rate to N1,075 per litre amid easing global oil prices.

According to OilPrice.com, Brent crude prices recorded a sharp reversal on Tuesday, falling by nearly 27 per cent from the previous day’s high of $119 per barrel to about $87 per barrel.

Similarly, diesel is now priced at N1,430 per litre at the gantry, representing a N190 reduction from the earlier price of N1,620 per litre.

https://dailytrust.com/nnpc-cuts-petrol-price-by-n100-in-lagos-n95-in-abuja/

donleo92:
So it means that cost of transportation can go back to its normal price

kkk888:
Will will get there by God's Grace

Klington:
Watch how agbado miscreants will expect everyone to start celebrating.

From 840 to 1300 in just few days.

AlphaTaikun:
According to OilPrice.com, Brent crude prices recorded a sharp reversal on Tuesday, falling by nearly 27 per cent from the previous day’s high of $119 per barrel to about $87 per barrel.




Whoa! That was indeed a sharp drop from $119 to $87 on Tuesday this week... ALL based on purely speculative trading.

Sirleo05:
I fear these new prising of above a thousand have come to stay somehow. By the way, why can't gov sell oil to refineries at a lower price, lower than international price? So that in turn, dangote and Co can sell at a lower price to Nigerians. Na we get oil , shey anybody dey to tell us how and what to do with it ?

Masanto:
NNPC: Fuel price reduced by ₦100 today.
Nigerians: Finally small relief.
NNPC tomorrow morning: That one na typing mistake, price don increase again.
At this point, fuel price for this country just dey play with our emotions… today e go drop small, tomorrow e go climb pass where e dey before