Filling stations lower gas pump prices as the value of the Naira rises to a seven-month high against the US dollar

 

Due to the naira's strengthening relative to the US dollar, some gas stations have chosen to lower their gas pump pricing. This might potentially result in lower transportation costs and less pressure on households to experience inflation. Right now, the value of the Nigerian Naira relative to the US dollar is at its highest point in the previous seven months. Continue reading: 

Because to the considerable appreciation of the naira against the US dollar, Premium Motor Spirit, often known as gasoline, is now selling for N620 per litre in various parts of Lagos state, down from N640 and N660 per litre a few weeks ago.

Also, the substance is offered to drivers for about N580 per litre, according to visits Timiyandas.blogspot.com/timbloggist.com made to certain Nigerian National Petroleum Company Limited outlets. 

NNPCL hasn't formally revealed the nation's new gas rates, but the changes seen in a few Lagos gas stations portend better news despite the high cost of living.

The former president of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Chinedu Okoronkwo, previously discussed the connection between the naira's performance and fuel prices..