NNPC Reverses Increase, Announces New Petrol Pump Prices
- NNPC reduced its petrol pump price from N1,365 to N1,355 per litre, representing a N10 reduction
- The price cut follows recent reductions by Dangote Refinery consortium marketers and independent depot operators
- Several Lagos depots have also lowered their petrol prices, with rates averaging around N1,259 per litre
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The Nigerian National Petroleum Company (NNPC) Limited has reduced its petrol pump price by N10 per litre in Lagos, bringing the new rate to N1,355 from N1,365. This represents a 0.73% decrease and reverses last week's price increase.
In Abuja, NNPC filling stations are selling petrol at N1,405 per litre, down from the previous rate of N1,410.
The adjustment comes amid intensifying competition in Nigeria's downstream petroleum market, following recent reductions in wholesale petrol prices by major suppliers and independent depot operators.
Source: Getty Images
Dangote Refinery drives market pressure
A major factor behind the latest market adjustment is the Dangote Refinery consortium, whose marketers recently reduced their petrol gantry price by N55, from N1,265 to N1,210 per litre, representing a 4.35% cut.
The reduction was linked to falling European gasoline benchmark prices and increased competition among fuel distributors.
The development also prompted independent depot operators in Lagos to review their prices to remain competitive.
African Terminal, Integrated, Rainoil, Ardova and Nipco were each quoted at N1,260 per litre, while Aiteo offered petrol at N1,255 per litre.
The average price across the six depot quotes stood at approximately N1,259.17 per litre, down from N1,300 recorded on Thursday, Vanguard reports.
Petrol prices in Calabar
In Calabar, Matrix reduced its petrol price by N6 to N1,332 per litre, while Northwest cut its rate by N5 to N1,335.
Soroman listed its current petrol price at N1,330 per litre, with no previous price available to establish the change.
The figures show that Lagos had the lowest listed depot price among the three locations, with Dangote offering petrol at N1,290 per litre.
Petrol prices in Port Harcourt
Petroleumprice.ng reports that in Port Harcourt, Bulk Strategic and Masters reduced their petrol prices by N8 each to N1,325 per litre.
Matrix also adjusted its price downwards by N7, from N1,335 to N1,328 per litre.
T.S.L listed its current price at N1,325 per litre, although its previous rate was unavailable for comparison.
Source: UGC
What the price cut means for motorists
For motorists, the NNPC adjustment adds to a series of petrol price reductions driven by growing competition among suppliers.
However, the extent to which consumers benefit will depend on how quickly filling stations adjust their pump prices, transportation costs and the profit margins maintained by retail marketers.
Dangote: Africa could stop petrol imports by 2030
Earlier, Legit.ng reported that Nigerian billionaire Aliko Dangote has predicted that African countries will largely stop importing refined petroleum products from outside the continent by 2030.
He spoke in Nairobi ahead of the groundbreaking of the 700,000 barrels-per-day facility, valued at $16 billion, which is set to be commissioned in Lamu on Kenya's Indian Ocean coast on Wednesday, with construction expected to run for about 30 months.
The Lamu project has not been without pushback. A land rights court case and environmental concerns raised by groups including Greenpeace have drawn attention to the site.
Source: Legit.ng
