NNPCL Lowers Petrol Prices Amid LCCI Call for Relief

The Nigerian National Petroleum Company Limited (NNPCL) reduced its petrol pump price to N1,370 per litre on Monday, reversing a weekend spike that had reached N1,405 per litre. This N35 per litre decrease aligns with a proposal by Finance Minister Taiwo Oyedele to fix petrol prices at N1,350 per litre. To further lower costs, the NNPCL introduced a mobile application offering a N66-per-litre discount to motorists, though some private filling stations, such as MRS, have continued to increase prices.

The price adjustment follows a proposal from the Lagos Chamber of Commerce and Industry (LCCI) for a six-month program to cut petrol prices by 15 to 20 percent. LCCI Director-General Chinyere Almona urged the federal government to collaborate with refiners and regulators to achieve sustainable reductions, arguing that stabilizing prices at current high levels would not provide sufficient relief for households and businesses.

While the Presidency and Minister Oyedele have dismissed claims that the proposed N1,350 price ceiling represents a return to fuel subsidies, characterizing it instead as a discount, the LCCI has recommended broader structural changes. These include ensuring crude oil supplies to domestic refineries and accelerating the deployment of compressed natural gas and electric vehicle infrastructure to reduce long-term energy dependence.