NNPC reduces petrol price to N965/litre in Abuja

NNPC Limited has reduced the pump price of petrol at its retail outlets in Abuja to N965 per litre, down from N1,030 per litre.

Visits to NNPC retail outlets in the Central Area and Nyanya suburb of the nation’s capital confirmed that the new rates are now in effect.

This marks the second price cut by the national oil company within two weeks, following a reduction from N1,060 to N1,030 per litre, as competition with Dangote Refinery’s products intensified.

Motorists have welcomed the price adjustment, expressing hope for further reductions.

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Mr. Adamu Shuaibu, a commercial driver operating on the Nyanya-Zuba route, said: “I noticed the new price yesterday. The government is trying, but they should do more. The price should return to N530 per litre so that the cost of other goods can decrease too.”

Similarly, Mr. Taofeek Adetunji, a private car owner, commended the development, linking it to ongoing economic reforms by President Bola Tinubu.

“When the President promised his reforms would yield results, many doubted him. But now you can see it. We are optimistic that prices will keep dropping. Petrol is vital to the economy, and this reduction will soon reflect in the cost of goods and services.”

Both drivers urged the Federal Government to sustain efforts to make petrol more affordable.

NNPC reduces petrol price to N965/litre in Abuja

Lagos to get new rolling stock for blue, red rail lines in 2025

The Lagos State government is set to receive new rolling stock to bolster train operations on the Red and Blue Line corridors in 2025.

Engr. Mrs. Abimbola Akinajo, Managing Director of the Lagos Metropolitan Area Transport Authority (LAMATA), outlined these plans, along with the agency’s season’s greetings to Lagosians, in a video clip.

The video, posted on the Authority’s X (formerly Twitter) page, also highlighted her plans for new buses to join the regulated fleet operated under LAMATA to better serve the transport needs of Lagos residents.

“In 2025, we promise to serve you better. New buses will join our regulated fleet. New railing stock are expected to join our train operations,” Akinajo stated.

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The Managing Director of LAMATA also revealed that the Lagos State government, under Governor Babajide Sanwo-Olu, is working towards the realization of the Lagos Rail Mass Transit (LRMT) Green and Purple Lines.

The LRMT Green Line is a proposed 68km metro rail project that will span from the Lekki Free Zone to Marina, while the Purple Line is planned to connect Redemption Camp to Ojo, near Lagos State University (LASU).

Other plans she outlined for next year include exploring ways to reduce emissions through the use of eco-friendly fuels and improving the payment system for Lagos State’s regulated transport services.

Lagos to get new rolling stock for blue, red rail lines in 2025

We will sell fuel at N935/litre from today – IPMAN

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has announced that the price of petrol will drop to N935 per litre by Monday, following a new arrangement by Dangote Refinery.

Newstrends reports that Dangote Refinery recently slashed its fuel price by 7.27 per cent, reducing it from N970 per litre to N899.50k per litre for oil marketers.

IPMAN attributed the price reduction to a decrease in Dangote Refinery’s fuel ex-depot price and a uniform pricing structure, which will enable marketers nationwide to sell at the new rate.

Alhaji Maigandi Garima, IPMAN’s National President, disclosed the development during an interview with the News Agency of Nigeria (NAN) in Abuja on Sunday. He commended Dangote Refinery for the initiative, describing it as a timely intervention.

He said, “Dangote refinery has brought another new arrangement of loading and pricing by which marketers would pay a fixed ex-depot price of N899.50.

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“The refinery is running a programme whereby it wants the fuel consumption across the country to be at the same rate. We are expecting the new arrangement to kick-start on Monday.

“We have been loading from the Dangote refinery and the refinery is saving us in this festive period.”

He added that the new arrangement reflects a significant drop from the previous ex-depot price of N970 per litre at Dangote Refinery.

Garima noted that deregulation of the downstream sector has fostered healthy competition, paving the way for a steady decline in fuel prices.

“That is the reason why we have been asking the government to allow private sectors to participate in the refinery business.

“Very soon, more refineries are coming up and the country will see a lot of price reduction in the downstream sector,’’ he added.

Reflecting on the 2023 yuletide period, Garima recalled that petrol was sold at N2,000 per litre in parts of the Northern and Eastern regions due to reliance on imported fuel.

He noted that prices in those areas are now capped at N1,100 per litre due to the functioning refineries in the country.

We will sell fuel at N935/litre from today – IPMAN