Relief for Nigerians As NNPC Reduces Petrol Prices Nationwide
- The NNPCL has reduced petrol pump prices at select filling stations in Lagos and Abuja, with reductions of up to N25 per litre
- The price cuts followed Dangote Refinery's decision to lower its petrol gantry price by N25 to N1,325 per litre
- Despite the cuts, petrol prices across Nigeria remain uneven, with several NNPCL outlets yet to implement the new rates
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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 lowered petrol prices at some of its filling stations in Lagos and Abuja, offering modest relief to motorists in both cities.
Pump prices at select NNPCL outlets in Lagos dropped to N1,370 per litre, down from N1,385, a reduction of N15. In Abuja, some NNPCL stations brought their prices down by N25, moving from N1,430 to N1,405 per litre.
Source: Getty Images
Dangote Refinery triggers the price movement
The adjustments followed a decision by Dangote Petroleum Refinery to cut its petrol gantry price by N25, bringing it to N1,325 per litre from N1,350.
The lower ex-refinery price created room for marketers and retailers to pass savings along to consumers, though the impact has not been uniform across the country.
The degree to which individual filling stations reflect the new pricing depends on factors such as when retailers last stocked up, distribution costs, and operating expenses at each outlet.
Prices still vary across locations
A market survey found that not all NNPCL stations have adopted the revised prices.
In Abuja, outlets along the Kubwa Expressway, Air Junction and Wuse Zones 4 and 5 were still selling petrol at N1,395 per litre.
Other filling stations in the Federal Capital Territory, including MRS, Ranoil, AA Rano and Empire Energy, were dispensing petrol at between N1,395 and N1,430 per litre.
Source: Getty Images
Across Nigeria more broadly, motorists continue to pay different prices depending on their location, the filling station they visit, and local supply conditions.
The latest development comes against a backdrop of elevated international crude oil prices, with Brent crude trading at around $104 per barrel and West Texas Intermediate at roughly $92 per barrel.
Further shifts in global crude prices and domestic fuel supply costs may yet influence what Nigerians pay at the pump in the days ahead.
New petrol price update as Brent crude climbs
Earlier, Legit.ng reported that Nigerian fuel depot owners could face renewed pressure to raise petrol and diesel prices after international crude oil prices climbed back above $107 per barrel on Monday, September 28, reversing a week of declines at depots across the country.
Brent crude had risen $2.92, or 2.80%, to $107.20 per barrel, while West Texas Intermediate gained $2.27, or 2.46%, to reach $94.68.
The jump came after Iran rejected a proposal for a seven-day ceasefire tied to reopening the Strait of Hormuz, a key route for global crude oil and petroleum-product shipments.
Source: Legit.ng
