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

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

Lagos Rail Mass Transit part of FG free train ride – NRC

The Nigerian Railway Corporation (NRC) has disclosed that the Lagos Rail Mass Transit (LRMT) trains are included in the Federal Government’s free train ride initiative for the Christmas and New Year celebrations.

The LRMT, which currently includes the Phase 1 Blue Line Rail and the Phase 1 of the Red Line Rail, operates under the Lagos Metropolitan Area Transport Authority (LAMATA).

This announcement was made by Ben Iloanusi, the Acting Managing Director of the NRC, during an interview on NTA News TV on Friday, following the launch of the initiative earlier that day.

While Iloanusi stated that Phase 1 of both the Blue Line and Red Line Rail projects are part of the program, LAMATA has yet to confirm this inclusion.

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Iloanusi outlined the other routes benefiting from the scheme, which include the Lagos-Ibadan Train Service, Kaduna-Abuja Train Service, Warri-Itakpe Train Service, Port Harcourt-Aba Train Service, and the Bola Ahmed Tinubu Mass Transit in Lagos. Notably, little was previously known about the Bola Ahmed Tinubu Mass Transit service until this disclosure.

“Let me mention the routes where this free train service is happening. We have the Lagos-Ibadan Train Service, we have the Kaduna-Abuja Train Service, we have the Warri-Itakpe Train Service, we have the Lagos Rail Mass Transit trains, we have the Port Harcourt-Aba Train Service, and we have what we call the Bola Ahmed Tinubu Mass Transit, which is also in Lagos,” he stated.

Iloanusi provided operational updates, stating that passengers nationwide can access free tickets online or, for those unable to do so, at train stations where they will be profiled and validated.

He noted that passengers using NRC-managed services (excluding the Lagos Rail Mass Transit) should reserve tickets via the official website, www.nrc.gov.ng, with a valid ID required. He also advised travelers to plan, arrive on time, and bring valid identification.

Lagos Rail Mass Transit part of FG free train ride – NRC