NewStats: 3,265,084 , 8,185,630 topics. Date: Friday, 13 June 2025 at 12:23 PM 3w5v4b

Filling Stations Slash Petrol Pump Price As Naira Appreciates to 7-Month High Against US Dollar

Some filling stations have decided to adjust their petrol pump prices downwards amid the appreciation of the naira against the US 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 pump price of 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. Also, Legit.ng's visits to 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.

"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."

Naira and fuel price.

In an earlier interview, Chinedu Okoronkwo, the former president of the Independent Petroleum Marketers Association of Nigeria (IPMAN), explained to Legit. ng the relationship between the performance of the Naira and the fuel price.

Okoronkwo had explained:

"Nigerians are aware that there is no more subsidy, and we have gotten into a new season where the market fundamentals are the ones playing the major role.

"As long as the dollar keeps rising in the foreign exchange market, the price of fuel in the country will continue to skyrocket and it is also in the reverse when naira get stronger."

Naira to dollar exchange rate

On Monday, April 15, 2024, the Naira closed at N1,136.04/$1 in the Nigerian Autonomous Foreign Exchange Market (NAFEM) foreign exchange (FX) market segment.

The new exchange rate represents a 0.6% or N6.34 value increase for naira compared to Friday’s closing rate of N1,142.38/$1.

Similarly, on the black market, the Naira appreciated further to N1,000 a dollar, the highest level in seven months.

Dangote refinery crashes diesel price

Earlier, Legit.ng reported that the pump price of diesel has dropped from N1,700 per litre, which it sold a few weeks ago, to about N1,350 per litre in some locations in Nigeria following the product's sale by Dangote Petroleum Refinery.

Findings show that the $20 billion, 650,000 bpd-capacity refinery began pumping diesel to the domestic market on Wednesday, March 27, 2023.

Since it began selling diesel, the company reportedly sold at least one million litres from the refinery to each ed marketer.

https://www.legit.ng/business-economy/energy/1587998-filling-stations-reduce-petrol-pump-price-naira-secures-exchange-rate/

But price of commodities are not decreasing expecially food stuffs. The price of akpu and Eba is even ncreasing

Stanleymaster1:
But price of commodities are not decreasing expecially food stuffs. The price of akpu and Eba is even ncreasing

That's what propaganda can do

Beautiful on paper

But a total different story in reality

This is the summary of Tinubu's presidency thus far

people are suffering out there
A bag of rice seems like a bag of gold

Lol, which fuel station??

Tinupoo government are master in propaganda.

Which fuel station reduced prices?

We are still paying #710 here in Oshogbo

Propaganda government.

It was sold at N730 yesterday at my area. Foodstuff is more painful because the increase in price is outrageous.

Good news.
Thank God.
Piiiiggs won't like this

G

K

Food stuff is still not even coming down aside noodles....

Propaganda and Deceits are in the genes of APC and Tinubu ers.
One of the criterias to qualify anyone to be APC member is that the person must be a prolific liar.

I would have expected this news to come with specific filling stations where these reduced pump prices are being sold, cos me I am still buying fuel at high prices.
I don't believe anything APC paid urchins churn out.

Stanleymaster1:
But price of commodities are not decreasing expecially food stuffs. The price of akpu and Eba is even ncreasing

Price hike of commodities had nothing to do with exchange rate in the first place. Sellers just used it as an excuse to hike prices. It is similar to landlords who increase rent of tenants when they hear that minimum wage has been increased.

Most of the goods have no dollar component, but sellers hike prices anyway.

Some of these sellers have associations and cooperatives where they decide to hike prices. Any seller who does not heed is blacklisted. Consumers should have such associations too. They can decide to contribute money and buy the things they need in bulk from village markets and share them. They can also forgo some items whose prices are hiked to force the sellers to drop prices. Social media can be used to have that conversation. Customers have the powers to kill the businesses of those sellers. They just don't know.

This is a lie
Fuel price has even increased!!

Welcome to Tinubumonics,the only Nigerian President to Bring down the Dollar,also Crashing the price of Petrol,Diesel, Aviation Fuel and Kerosene.
I keep saying The battle for the Soul of Nigeria has started,and I'm sure Asiwaju will triumph.
Asiwaju is a Genius and he has assembled a stellar cast of very intelligent people around him.
Some months ago, precisely in December when one of his advisers said the Price of the Dollar will crash to around 800-950, some Nigerians made fun of him and taunted him,but Today his prophecy is being proved Right.
I daresay Shame on those prophets of Baal who were predicting 2000 to a Dollar,and I prophesie it's just the beginning.
Some days ago, the NNPCL made an earth shaking announcement that didn't really gain traction as I expected,Crude oil sales will soon be done in a combination of Naira and Dollars,this is what I call the Final coffin in the Nail of Dollar speculators.
Buying Crude oil in Naira is what I call a game changer,the Modular refineries will soon start roaring to life,and I daresay Diesel, Aviation fuel will soon fall to less than 700 naira.
The demand by these Refineries for Usd is gone and this will allow more forex to remain in the Country.
For those still listening to Olodo Economist like Aisha Yesufu,I implore you to quickly dispose of your Dollars if you are a speculator,the fall of the Dollar will be massive and heart wrenching.
Nigeria is back to Business.
God bless Asiwaju
God bless Nigeria.

successmatters:
Which fuel station reduced prices?

We are still paying #710 here in Oshogbo

Oshogbo in Abia State.

Bought #700 yesterday.You ppl should soft-pedal on propaganda.

That's how I went to price Rice as I heard the price is now down to #56000 according to APC handlers not knowing it's a lie.

So the value of what reduced in the dollar is 40 Naira.

I the wait for una

🙄

Voodoo Pablo Escobar economics.

If subsidy is gone, petrol price increases with increase in crude price. Iran attack on Israel made price go up yet petrol price is coming down

Propaganda!!!

Funny enough, some persons (propagandists) that bought it over 680-700 NGN today will applaud this news and confirm it 2be 2rut.

Government of Propaganda. Somebody should tell Bola Ahmed Tinubu that propaganda does not equate to good governance.

Which filling stations? Y’all should stop with this propaganda

Reverse is the case,they have all increased it to 680 per litre as at yesterday
Only diesel is going down
Even thou I this government I must say they have assigned someone to be paying these news papers because 98% of them are now reporting fake news

Lies

You called this reduction?


It's better not to air the information than doing it. How do you expect food prices to fall with #20-#30 reduction?

Reduction of PMS (petrol) should be #250-#400. By then, we'd be talking about reduction in petrol price.

Liars

Obedients and other bitter enemies of Nigeria won't like this news at all...

They want a news That will make them abuse the government of Nigeria but una go wait Taya...
Both una and una principal... Una go wait till una grow grey hairs....
Nigeria will work again...
God will use whoever sits in aso rock to better Nigeria again....

God bless Tinubu

God bless Nigeria

God Punish the Wailers

Stop lying. Name the filing stations

Though, the drop is not significant but the future is brighter.
Nigeria will be great.

I have not seen anywhere within Lagos where fuel sold above 620

I doubt this report