NNPC Releases New Petrol Prices Nationwide As FG Gives Orders
- NNPC has reduced the pump price of petrol across its retail outlets nationwide following a decline in global crude oil prices
- The latest adjustment sees petrol selling for N1,210 per litre in Lagos and Abuja, down from N1,260, offering some relief to motorists
- The price review comes as the federal government directed marketers to reflect lower crude oil prices in pump prices and warned against profiteering
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 (NNPC) Limited has reduced the pump price of Premium Motor Spirit (PMS), popularly known as petrol, across its retail outlets nationwide.
A survey by Legit.ng showed that NNPC stations in Lagos and Abuja now sell petrol at N1,210 per litre, representing a N50 reduction from the previous price of N1,260 per litre.
Source: Getty Images
The latest adjustment follows a decline in international crude oil prices, trading at around $68 per barrel.
Recently, Dangote Petroleum Refinery cut its ex-depot (gantry) price by N50 to N1,125 per litre, intensifying competition in Nigeria's deregulated downstream petroleum market.
The development also comes after the federal government directed the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to ensure petroleum marketers reduce pump prices in line with falling crude oil prices and prevent consumers from being exploited, Vanguard reports.
NNPC petrol prices nationwide
A review of NNPC's latest petrol prices across the country shows that Yobe has the highest pump price at N1,395 per litre, followed by Bauchi at N1,385, Sokoto at N1,378, and Plateau at N1,375 per litre.
At the lower end, Ogun has the cheapest petrol price at N1,170 per litre, followed by Lagos and Abuja at N1,210, Osun at N1,220, Kano at N1,222, and Ondo and Rivers at N1,230 per litre.
Latest petrol prices at NNPC stations
- Abia – N1,235
- Abuja – N1,210
- Adamawa – N1,355
- Akwa Ibom – N1,235
- Anambra – N1,235
- Bauchi – N1,385
- Bayelsa – N1,235
- Benue – N1,370
- Borno – N1,270
- Delta – N1,235
- Ebonyi – N1,235
- Edo – N1,235
- Ekiti – N1,235
- Enugu – N1,235
- Gombe – N1,345
- Imo – N1,235
- Jigawa – N1,235
- Kaduna – N1,365
- Kano – N1,222
- Katsina – N1,377
- Kogi – N1,360
- Kwara – N1,300
Source: Getty Images
- Lagos – N1,210
- Nasarawa – N1,265
- Niger – N1,364
- Ogun – N1,170
- Ondo – N1,230
- Osun – N1,220
- Oyo – N1,295
- Plateau – N1,375
- Rivers – N1,230
- Sokoto – N1,378
- Taraba – N1,300
- Yobe – N1,395
- Zamfara – N1,370
Dangote Refinery slashes diesel, jet fuel prices
Earlier, Legit.ng reported that Dangote Petroleum Refinery has reduced the price of Automotive Gas Oil (diesel) at the gantry by N100 to N1,600, providing much-needed hope for a drop in transport, logistics, and manufacturing costs in Nigeria.
The latest adjustment follows an earlier reduction of petrol prices by N75 for marketers.
Analysts said the cut is expected to fuel a new wave of price competition in the downstream market in Nigeria, with depot prices having been high recently.
Source: Legit.ng
