See why fuel prices has reduced at filling stations

• Filling stations have reduced fuel prices as supply improves following the arrival of more vessels at the ports
• Although there are still supply challenges and fuel queues in Lagos and Abuja, the price reduction is a good sign
• Nigerians, in the past few days, have been paying as high as ₦850 per litre to buy fuel at filling stations

Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

More petrol vessels have arrived at Lagos and other ports in the country, raising hope of reduced pump prices for fuel.

Already, findings by Legit.ng show that some petrol stations in Lagos have slashed their pump prices by N100 per litre.

New petrol price in Nigeria at filling stations Photo credit: Bloomberg/contributor
Source: Getty Images

The report noted that At the MRS filling station in the Iju-Ishaga area of Lagos, petrol prices crashed from N850 per litre to N750.

At Ardova Petrol (AP) filling station along Iju Road, the price of the commodity sold for N700 from N800 per litre was sold a few days ago.

Petrol vessels land at ports

Punch reports that petrol vessels were berthing at the ports one after the other.

It was revealed that two vessels are set to berth with petrol, while another two will arrive with bulk and butane gas.

The NPA stated:

“The 16 vessels will berth at ENL Consortium, AMPT, Apapa Bulk, and Greenview Development Nigeria Ltd. terminals in Lagos."

There are also nine vessels discharging crude oil, diesel, containers, gasoline oil, and other cargoes at various ports in Lagos.

NNPC sends message to Nigerians

In a statement released last week, Olufemi Soneye, NNPC’s Chief Corporate Communications Officer, explained why there are fuel queues.

The statement reads:

“The NNPC Ltd wishes to state that the tightness in fuel supply and distribution witnessed in some parts of Lagos and the FCT (Federal Capital Territory) is a result of a hitch in the discharge operations of a couple of vessels."

FG orders regulators over Dangote refinery

Legit.ng earlier reported that the Nigerian government, via NMDPRA, said it expects fresh reports to confirm the sulphur content of the diesel produced by the Dangote Refinery, as the firm denied claims of inferior products.

The authority’s spokesman, George Ene-Ita, disclosed that the NMDPRA had done its job and would not engage in a media war with anyone over its chief executive, Farouk Ahmed, ’s claims that the sulphur content on Dangote diesel was high.

He disclosed that the agency has about 15 engineers and scientists attached to the Dangote refinery.

Source: Legit.ng