A fresh 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.
It is understood that previously, fuel in the filling stations sold for between ₦640 and ₦660 per litre, but currently, the stations observed have reduced the price of petrol to ₦620.
The reduction in price is attributed to the strengthening of the Nigerian Naira against the US Dollar in recent weeks.
Also, a fuel station manager who spoke on the development said they are able to offer petrol at a cheaper price of ₦620 per litre because they got a new supply, which is cheaper than what they used to pay at the depot previously.
“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,” the station manager, identified as Kunle Ademola, told the publication.
Although the Nigerian National Petroleum Company Limited (NNPCL) has not officially announced any reduction in the price of petrol, its stations sell the product at N580 per litre.
If sustained, the reduced price of petrol is expected to result in cheaper transport costs over time and a reduction in the price of commodities as marketers pay less to move their goods.
