The Nigerian National Petroleum Company Limited (NNPCL) has reduced the pump price of petrol, citing improved supply chains following the easing of glitches at the Dangote Refinery. As of Saturday, the state-owned oil firm adjusted the retail fuel price to N945 per litre, marking a decrease of N10 from the previous price of N955.

This development has been implemented at NNPCL retail outlets in various locations, including Gwarimpa and Wuse Zone 4. Similarly, other fuel stations, such as Eterna in Abuja, have also reduced their pump prices to N945 per litre. The price reduction is a welcome relief to consumers who had faced higher fuel prices due to supply disruptions.

The improved fuel supply is attributed to the increased production at the Dangote Refinery, as well as the efforts of petroleum product importers. Over two weeks ago, a supply glitch at the refinery led to a nationwide fuel price hike, causing concerns among consumers. The recent development is a positive step towards stabilizing fuel prices in the country.

It is worth noting that the Nigerian government recently approved a 15% import tax on petrol and diesel, which may have implications for fuel prices in the future. President Bola Ahmed Tinubu’s administration implemented the tax as part of its economic policies. However, the current price reduction suggests that the supply chain issues are being addressed, and consumers are benefiting from the improved situation.

The reduction in fuel prices is expected to have a positive impact on the economy, as it will reduce the cost of transportation and production for businesses and individuals. As the Nigerian government continues to work on improving the energy sector, consumers can expect more stable fuel prices. The development is a significant step towards achieving this goal, and it will be interesting to see how the situation unfolds in the coming weeks.