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A recent survey has revealed that some filling stations in Lagos State have implemented a downward review in the price of premium motor spirit (PMS), popularly known as petrol. Previously, fuel in these filling stations sold for between ₦640 and ₦660 per litre. However, the observed stations have now reduced the price of petrol to ₦620 per litre.
Reasons for the Price Reduction
The reduction in price can be attributed to two main factors. Firstly, the strengthening of the Nigerian Naira against the US Dollar in recent weeks has contributed to the decrease in the cost of importing fuel. Secondly, some fuel stations have received a new supply of petrol that is cheaper than their previous purchases from the depot. This enables them to offer petrol at a lower price to consumers.
Potential Impact of Reduced Petrol Price
Although the Nigerian National Petroleum Company Limited (NNPCL) has not officially announced any reduction in the price of petrol, its stations are selling the product at ₦580 per litre. If sustained, the reduced price of petrol is expected to have several positive impacts. It will lead to cheaper transport costs over time, benefiting commuters and businesses alike. Additionally, as marketers pay less to move their goods, there is a possibility of a reduction in the price of commodities.
While it remains to be seen whether this reduction in petrol price will be sustained, it is a welcome development for consumers in Lagos State. Cheaper fuel prices can provide some relief in a challenging economic climate.
This article was updated 8 months ago
