Again, NNPC Reduces Petrol Price, Relief for Nigerians
- The NNPC has decided to reduce its petrol price again as Dangote ex-depot prices change
- Dangote stated that the recent pump price reduction is not linked to the suspension of the 15% import tariff
- The NMDPRA confirmed that there is sufficient fuel supply and urged Nigerians not to engage in panic buying
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Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
The Nigerian National Petroleum Company Limited (NNPCL) has cut the pump price of Premium Motor Spirit (PMS), also known as petrol in Lagos.
Checks by Legit.ng revealed that petrol is being sold at N910 per litre in Lagos and N945 per litre in Abuja.
The price cut represents a N10 reduction from the previous N920 and N950 per litre in Lagos and Abuja, respectively.
Source: Getty Images
However, some NNPCL stations have not started dispensing at the new rates, citing unsold stock and awaiting directives from management.
A pump attendant, Kunle Ademola, confirmed that there is a price reduction in some others, but her station was still awaiting instructions.
He said:
"I expect us to follow suit and reduce prices by the end of today."
Here is an insight into the new petrol prices in different states as of Monday, November 17
- Lagos - N910
- Abuja - N945
- Anambra - N928
- Akwa Ibom - N920
- Bauchi - N915
- Nige -N955
- Osun - N920
- Delta -N920
- Rivers - N918
Source: Getty Images
Filling stations reduce prices
Similarly, Legit.ng observed that other filling stations have also lowered their prices. For example, Ardova, which previously sold at N920, now sells at N900, while MRS has also reduced its price to N900.
Reacting to the price reduction, Dangote Refinery, in a statement, dismissed suggestions that the changes in pump prices by oil marketers were a consequence of the Federal Government’s reversal of the 15% import tariff.
It stated that the narrative is entirely false, deliberately misleading, and inconsistent with actual market dynamics.
It said:
"For the avoidance of doubt, the factor that prompted the price adjustment was our own reduction of PMS gantry and coastal prices on November 6.
"The subsequent change in pump prices is now being wrongly attributed to a tariff decision in an attempt to distort the facts and misinform the public. To reiterate, Dangote Petroleum Refinery, on November 6, reduced its PMS gantry price from N877 to N828 per litre, representing a 5.6 per cent decrease, and its coastal price from N854 to N806 per litre.
"The claim that the reduction in pump prices was driven by the suspension of the 15 per cent import tariff is therefore incorrect."
NMPDRA speaks to Nigerians on petrol availability
Earlier, Legit.ng reported that Nigeria’s Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has assured the public that the country has adequate supplies of petroleum products.
The agency is urging consumers to desist from panic buying or hoarding ahead of the festive season.
NMDPRA said the domestic supply of diesel (AGO), petrol (PMS), and liquefied petroleum gas (LPG) is enough to meet consumption demands
Source: Legit.ng
