Business
BREAKING: Relief as NNPC Announces New Petrol Price Nationwide
The Nigerian National Petroleum Company (NNPC) Limited has cut the pump price of petrol at its filling stations in Lagos and Abuja, offering some relief to motorists grappling with high living costs.
A market survey by Legit on Sunday, August 2 showed that in Lagos, the reduction was the steeper of the two, with NNPC lowering its pump price by N35 per litre from N1,300 to N1,265.
In the Federal Capital Territory, the state-owned company brought the price down by N15 per litre, from N1,350 to N1,335
The new prices have since taken effect at several NNPC outlets across both cities.
Other filling stations reduce
MRS filling stations have also cut petrol pump prices across parts of Nigeria, following the latest downward review in the retail market.
In Abuja, MRS stations in Kubwa and along the Lugbe Expressway have reduced the pump price of petrol by N40 per litre, from N1,305 to N1,265 per litre.
AA Rano filling stations have also adjusted their prices in the Federal Capital Territory, lowering petrol by N30 per litre from N1,330 to N1,300 per litre.
The latest reductions mean motorists in Abuja can now buy petrol for between N1,265 and N1,300 per litre at MRS and AA Rano stations, down from previous prices of N1,305 and N1,330 per litre, respectively.
Dangote free petrol delivery
The development comes as the Dangote Petroleum Refinery has introduced a free petrol delivery programme for fuel marketers across six Nigerian states, with the product priced at N1,075 per litre in the first phase of the initiative.
A notice issued by the refinery outlined the scheme, which forms part of the company’s broader Vision 2030 strategy to strengthen fuel supply logistics and improve access to petroleum products nationwide, Punch reports.
The announcement comes days after the refinery opened the sale of petrol to all licensed marketers, ending its previous consortium marketing arrangement.
The Minister of Power, Joseph Tegbe, said President Bola Tinubu’s administration has no plan to increase electricity tariffs beyond the current level.
Tegbe disclosed this during a media briefing in Abuja on Friday.
According to him, the Tinubu administration’s priorities are improving electricity service delivery, expanding access to electricity, and ensuring that Nigerians pay only for the electricity they consume.
The minister said that, over the last two weeks, the country has consistently generated 5,000 megawatts of electricity.
“We are already witnessing encouraging improvements in electricity generation. Over the course of the last two weeks, we have consistently generated 5,000MW.
“Permit me to address two issues that have generated considerable public discussion. First, there is no policy by this administration to increase electricity tariffs beyond the current level. Our priority is not a tariff increase in the immediate term. Our priority is service improvement, universal metering, and ensuring Nigerians pay only for the electricity they actually consume,” he stated.
He added that the objective of the Federal Government is to provide reliable electricity to homes across the country.
“Our ambition is clear: reliable electricity that powers our homes.”
Tegbe’s comments come amid debate over a fresh electricity tariff hike, fuelled by remarks made by Tinubu’s Special Adviser on Power Infrastructure, Sadiq Wanka.
Nigerian electricity consumers have kicked against the proposed electricity tariff hike.
Access Bank Plc has dismissed as false a purported shutdown notice circulating on social media and WhatsApp, assuring customers and stakeholders that it remains financially strong and fully operational.
Access Bank gave the clarification in a statement, saying all its banking operations and subsidiaries were functioning normally and delivering uninterrupted services to customers.
The bank said it was working with relevant regulatory and law enforcement agencies to identify those responsible for originating and circulating the false information.
According to the bank, legal action will be taken against anyone found culpable in accordance with applicable laws.
Access Bank reminded the public that creating and disseminating false information capable of causing public alarm, damaging reputations or undermining confidence in institutions is an offence under Section 24 of the Cybercrimes (Prohibition, Prevention, etc.) (Amendment) Act, 2024.
The bank urged members of the public to disregard the fake notice and refrain from sharing or forwarding it.
It also advised customers and other stakeholders to rely only on information published through its official and verified communication channels.
Access Bank thanked its customers, partners and stakeholders for their continued trust and confidence in the institution.
The Nigerian naira remained relatively stable at the official foreign exchange market on Monday, trading around ₦1,362 to the US dollar after the Central Bank of Nigeria, CBN, stepped up interventions to support the local currency.
Fresh data from the Nigerian Foreign Exchange Market, NFEM, showed that the naira closed at ₦1,362.2064 per dollar, compared with the opening rate of ₦1,362.0866 recorded at the start of the trading week.
Although the local currency posted a marginal decline during Monday’s session, analysts said the broader market trend points to improved stability, supported by increased dollar supply from the apex bank and sustained foreign exchange inflows.
Naira records weekly appreciation
The naira strengthened at the official market over the previous trading week, appreciating by 1.31% to close at ₦1,362.09 per dollar on Friday, compared with ₦1,380.18 recorded a week earlier.
The improvement followed renewed interventions by the CBN, which injected significant foreign exchange liquidity into the market to reduce pressure from persistent dollar demand.
Data released by the apex bank showed that eligible foreign exchange transactions were conducted within a range of ₦1,359 to ₦1,365.50 per dollar.
Broadstreet analysts said the movement in the spot exchange rate reflects relative stability in the official market, driven by the CBN’s interventions and steady inflows from foreign investors and other market participants.
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