Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

Nigeria's fuel market has experienced a shift as Dangote Petroleum Refinery and the Nigerian National Petroleum Company (NNPC) Limited reduced petrol prices.

Legit.ng reported that the Dangote Petroleum Refinery announced a reduction in its ex-depot petrol price from N890 to N825.

While its partners MRS Oil Nigeria Plc, Ardova PLC, Heyden, and also Optima will be selling petrol between N860 and below N900 per litre, with rates varying by location.

Similarly, NNPC Limited has also reduced its retail fuel price from N945 per litre to N860 per litre.

Some commercial motorists have expressed happiness but called for more reduction in the pump price of petrol.

However, the motorists asked for a more significant reduction to increase their purchasing power.

A commercial motorcyclist, Ismaili Olamilekan, noted that the price drop is about N100 per litre, the Nation reports.

Olamilekan said:

While some filling stations are still selling fuel between N930 and N950 per litre, others offer it at prices ranging from N870 to N890.

"I usually buy fuel where it's cheaper, but we are hoping it will eventually be sold between N400 and N500 per litre. That is our prayer.

"Before the price reduction, N1,500 worth of fuel didn’t last long for me, but now, I can see a noticeable difference."

A taxi driver, Waheed Ajasa, says he now buys petrol at N870 or N875, whereas some filling stations sell at N940 or N945.

He said.

"In the Moniya area of Ibadan, the latest fuel price is either N865 or N870.

"We have seen some positive changes in our business as a result."

However, a taxi driver said the reduction was not significant enough to lower transportation fares.

Similarly, commercial tricyclist Abdulamin Mustapha noted that the price drop had made a notable impact on the transportation business.

Mustapha, welcoming the reduction, added that the public would have complained if the price had increased by just N5.

He said:

“So, we are happy that the news is about a reduction. We thank God.

“We urge the government to ensure a continued decline in prices to improve the economic situation.

“Although petrol prices are not uniform, it seems N870 is becoming the standard and may soon be adopted by all filling stations.

“We are in a better position now, as we are enjoying increased profits in this business"

Another driver Kunle said:

"We hope to adjust our fares in the future as fuel prices continue to reduce."

Legit.ng previously reported that Dangote Petroleum Refinery has announced it will refund customers who purchased petrol at rates higher than its advertised prices from key distributors, following its recent price reduction.

Dangote said that it is unfair for Nigerians to buy its petrol from partners at a higher price.

The refinery also confirmed it would refund N65 per litre to oil marketers who paid higher than N825.

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Source: Legit.ng