Petrol Price Reduced Again

News Update

NNPC reduces petrol pump price

THE Nigerian National Petroleum Company (NNPC) Limited has reduced the price of petrol at its retail outlets in Abuja to N910 per litre.

This adjustment was noticed on Tuesday at a filling station in Wuse Zone 3, where the pump price was previously N935.

While this new price applies to NNPC stations in Abuja, those in Lagos are still selling petrol at the old rate of N880 per litre.

The change comes during ongoing price moves by both NNPC and the Dangote Refinery, which seem to be responding to each other’s adjustments.

Just a day before, Dangote Refinery reduced its ex-depot price of petrol to N825 per litre.

That drop came shortly after a meeting between the NNPC’s top executive, Bayo Ojulari, and Aliko Dangote, where both parties agreed to support fair business practices and work together in the oil sector.

Ojulari had earlier mentioned that current high pump prices are linked to older supplies bought at expensive rates.

He explained that newer supplies, bought at lower costs, would allow filling stations to reduce prices as time goes on.

The back-and-forth between both companies shows a growing trend where the presence of local refining is starting to affect pump prices.

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Abuja residents are now seeing the result of this competition, though other regions may have to wait longer for similar changes.

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