NNPC Reduces Petrol Pump Prices by N45, Matches Dangote's Rate
- The NNPC Limited has decided to lower petrol pump prices again at its filling stations in Lagos
- The latest adjustment has now matched that of the petrol price offered by Dangote refinery partners like MRS
- The Nigerian Midstream and Downstream Petroleum Regulatory Authority has assured Nigerians price of petrol will continue to drop
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 once again revised petrol pump prices downward in Lagos state to N740 per litre.
The new rate is a N45 reduction from the previous rate of N785.
Source: Getty Images
NNPC filling stations' new pump price now aligns with the N739 per litre offered by Dangote Refinery partners' filling stations like MRS Oil.
Kunle Ajimobi, a fuel attendant in NNPC fuel station at Egbeda, Lagos, confirmed the rate to Legit.ng:
"Yes, over the weekend, we adjusted our pumps to N740. We were losing customers because other stations around us were selling at lower prices than the previous N785 per litre."
Dangote refinery had earlier instructed MRS filling stations in Lagos and other states to sell petrol at N739 per litre.
Dangote said:
" We remain fully committed to supplying high-quality, internationally benchmarked petroleum products at competitive prices.
"Our operations continue to moderate prices in the market, ensuring Nigerian consumers receive genuine value for money."
Source: Getty Images
NNPC is expected to adjust fuel prices in Abuja and other states in the days ahead.
NMPDRA assures continuous price fall
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has predicted that prices for petrol, diesel, and Liquefied Petroleum Gas (LPG) will continue to fall nationwide.
NMDPRA’s Chief Executive Officer, Saidu Mohammed, made the statement over the weekend while inspecting Aradel Holdings Plc’s facilities in Ogbele Community, Ahoada East Local Government Area of Rivers State, the Nation reports.
Mohammed linked the anticipated price drops to increased supply, growing competition, and ongoing private-sector investment in Nigeria’s oil and gas industry.
He encouraged private investors to inject between $30 billion and $50 billion into the midstream petroleum sector to sustain this momentum.
Noting the gradual shift toward more affordable energy, he said that improved supply is helping stabilise prices.
He added:
“The more supply we have, the lower the cost. This is already reflected in petrol prices, which have fallen from around N1,000 to N800 per litre due to competition."
Dangote Refinery new petrol price N44 cheaper
Earlier, Legit.ng reported that Dangote Refinery is offering petrol at prices lower than imported fuel, intensifying competition in the country's petroleum market.
The refinery’s ex-depot price remains at N699 per litre, while the landing cost of imported petrol has fluctuated between N750 and N780 per litre, according to the Major Energies Marketers Association of Nigeria (MEMAN).
MEMAN reported that the landing cost dropped to N754.96 from N758 last week.
Since December, Dangote slashed its petrol gantry price by N129 to ensure consumers paid no more than N740 per litre at MRS filling stations.
Proofreading by James Ojo, copy editor at Legit.ng.
Source: Legit.ng
