It is understood that previously, fuel in the filling stations sold for between ₦640 and ₦660 per litre, but currently, the stations observed have reduced the price of petrol to ₦620.
The reduction in price is attributed to the strengthening of the Nigerian Naira against the US Dollar in recent weeks.
Also, a fuel station manager who spoke with Legit on the development said they are able to offer petrol at a cheaper price of ₦620 per litre because they got a new supply, which is cheaper than what they used to pay at the depot previously.
“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,” the station manager, identified as Kunle Ademola, told our correspondent.
According to a recent survey, some filling stations in Lagos have decided to lower the price of petrol, also known as Premium Motor Spirit (PMS). Previously, the price for petrol at these stations ranged from ₦640 to ₦660 per litre, but now the price has been reduced to ₦620.
The reduction in price is attributed to the strengthening of the Nigerian Naira against the US Dollar in recent weeks. Additionally, a manager at one of the fuel stations explained that they are able to offer petrol at the cheaper price of ₦620 per litre because they have received a new supply that is less expensive than their previous supply from the depot.
The station manager, identified as Kunle Ademola, stated, "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,".