NNPC Slashes Petrol Price in Lagos, Abuja, Now N55 Cheaper
- The Nigerian National Petroleum Company Limited (NNPC) Limited decided to reduce the petrol pump price across its filling stations in Abuja
- The new price marked a reversal, barely two days after the rate was increased to reflect changes in global crude oil prices
- NNPC Limited retail outlets started selling at the same rate offered by Dangote Refinery partners
Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
The Nigerian National Petroleum Company Limited (NNPCL) has slashed the cost of Premium Motor Spirit (PMS), commonly known as petrol, at its retail stations in Lagos and Abuja.
Checks at NNPC stations showed that the petrol pump price in Lagos is now N875 per litre as of Wednesday morning.
Source: Getty Images
This represents a N40 reduction compared to the N915 pump price recorded on Tuesday.
Similarly, NNPC retail outlets in Abuja have reduced their price to N900 per litre, a N55 cut from the N955 per litre announced barely 48 hours ago.
The same rate of N955 is expected in other North Central states.
Despite the reduction, NNPC’s petrol price is still higher than that of several other filling stations.
MRS, First Royal, and HYDE stations are selling at N865 per litre.
Ardova filling station has also reduced its price from N900 to N875 per litre.
In Abuja, Ranoil and Empire Energy stations in Gwarinpa were dispensing petrol at N955 and N950 per litre, respectively, a slight decrease from N971 and N970 recorded earlier in the week., Punch reports.
Depots also reduce prices
The changes in retail prices follow the reduction in loading cost at private depots for marketers.
According to petroleumprice.ng, Zone 4 and Mainland depots have reduced their ex-depot prices by N2 per litre, now standing at N860 and N862 respectively a 0.23% decline from previous levels.
Meanwhile, other major depots, including MENJ, Aiteo, Sahara, MRS Tincan, A.A. Rano, and Pinnacle, have maintained stable ex-depot prices around N860 to N861 per litre.
Source: Getty Images
Expert explains changes in petrol prices
Dumebi Oluwole, senior manager at Financial Derivatives Company, explained that fluctuations in pump prices are primarily driven by movements in global oil prices.
She noted that when there is a drop in global oil prices, the cost of purchasing petrol domestically would also decline.
Oluwole stated:
"This is due to changes in crude oil prices, which have affected the domestic price of premium motor spirit. Nigerians currently have a deregulated sector with cost-reflective pricing for fuel.
"Petrol imported into Nigeria is purchased in forward contracts, with the costs incurred during higher market conditions, which are then passed on to consumers at the pumps. There is no more subsidy, so fuel prices will reflect the true costs borne by marketers."
Diesel prices crash
Earlier, Legit.ng reported that the National Bureau of Statistics (NBS) disclosed that the average retail price of Automotive Gas Oil (diesel) paid by consumers increased to N1,813.81 per litre in June 2025.
The June price reflects a 23.98% increase compared to the N1,462.98 per litre average price recorded in June 2024.
The bureau stated that the increase was felt more by residents of Benue, Adamawa, and Plateau, where prices surged above N2,200 per litre.
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Proofreading by Funmilayo Aremu, copy editor at Legit.ng.
Source: Legit.ng
