NNPCL Announces New Petrol Prices Nationwide Amid Fresh Price Reduction

The Nigerian National Petroleum Company Limited has announced a new reduction in the pump price of Premium Motor Spirit across the country, marking the second price drop in as many weeks.

The state-owned oil company adjusted its retail price in Lagos from N1,210 to N1,125 per litre, while motorists in Abuja now pay N1,170 per litre, down from the previous N1,260.

This follows an earlier reduction less than a week ago when the company slashed prices from N1,165 per litre to N1,150 in Lagos and from N1,255 to N1,190 in the Federal Capital Territory.

The latest price adjustment reflects changes in the global crude oil market, with many independent and major marketers also reducing their pump prices due to a decrease in ex-depot prices and intensifying competition.

Checks at depots showed that Integrated, Ascon, Sahara, Bono, and African Terminal supplied petrol at N1,120 per litre, while Pinnacle and Techno Oil supplied at N1,121 per litre, making it easier for retailers to lower their pump prices.

The development also follows a recent decision by Dangote Refinery to lower its gantry price by N50 per litre to N1,125, influencing downstream pricing across the market. Dangote-affiliated MRS stations have also reduced their Abuja pump price to N1,191 per litre.

Market experts are optimistic that the latest reduction by NNPCL could trigger another round of downward reviews by competing oil marketers within the week.

The federal government has urged marketers to bring down domestic pump prices whenever prices crash due to global oil price decline, even though petrol prices are determined by market dynamics under the deregulated system.

Despite the latest cuts, the cost of petrol remains above levels recorded before tensions in the Middle East pushed global oil prices higher, leaving many Nigerians expecting further reductions in the coming weeks.

With the fresh adjustment, petrol prices across Abuja and nearby areas now range between N1,210 and N1,305 per litre, depending on the filling station.