Some filling stations in the country have decided to adjust their petrol pump prices following the continuous appreciation of Naira against Dollar.
This development could potentially lead to reduced transportation costs and alleviate inflationary pressures on households.
The Nigerian currency is currently exchanging against the dollar at its highest level in the last seven months
The naira is currently trading at N1,136.04 to the dollar at the official market.
Similarly the Naira appreciated to N1,100 per dollar in the parallel market
The pump price of Premium Motor Spirit, also known as petrol, has dropped from N640 and N660 per litre, which it sold a few weeks ago, to N620 per litre in some locations in Lagos state as Naira appreciates significantly against the US dollar.
According to Legitng, some Nigerian National Petroleum Company Limited stations show the product is sold to motorists for around N580 per litre.
Although NNPCL has not officially announced new petrol prices in the country, the adjustments noticed in some filling stations in Lagos are a sign of good news to come amid the high cost of living.
Speaking on the development, Kunle Ademola, a fuel station manager in Lagos where petrol is sold at N620 per litre, explained that the depot price of petrol reduced the reason for the reduction from N650 to N620.
He said: “For days, we have been closed and have just received our supply. Although other stations around us sell at N650, we are able to offer it at a cheaper rate because we just got a new supply which is less than what we paid previously.”
