The Nigerian National Petroleum Company (NNPC) Limited has reduced the retail price of petrol at its filling stations nationwide, citing falling global crude oil prices.
In Lagos and Abuja, motorists can now buy petrol at N1,210 per litre, down by N50 from the previous rate of N1,260 per litre.
The price review follows a federal government directive to marketers to align pump prices with current international crude oil costs, currently hovering around $68 per barrel. The government also warned against any form of profiteering.
This latest adjustment by NNPC comes shortly after Dangote Refinery cut its ex-depot price to N1,125 per litre, further intensifying competition in Nigeria’s deregulated downstream petroleum market.
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has been directed to monitor compliance and ensure marketers reflect the new pricing regime.
Price Variations by State
NNPC stations across the country are selling petrol at different rates:
– Ogun State has the lowest price at N1,170 per litre.
– Lagos and Abuja are at N1,210 per litre.
– Highest price: Yobe State at N1,395 per litre, followed by Bauchi (N1,385) and Sokoto (N1,378).
The reduction is expected to bring some relief to transporters, businesses, and households, many of whom have been grappling with high fuel costs. Market watchers anticipate that private depot owners and independent marketers may follow suit with their own price adjustments in the coming days.
