NNPCL REDUCES PETROL PRICE TO N965 IN ABUJA, N925 IN LAGOS
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Nicolas Adekeye / 4 weeks
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- 2 min read
The Nigerian National Petroleum Company Limited (NNPC) has reduced the pump price of petrol from N1,020 to N965 in Abuja and N925 in Lagos. This is the second time in two weeks that the national oil company has cut petrol prices nationwide, apparently in response to similar price adjustments by the Dangote refinery. According to the Independent Petroleum Marketers Association of Nigeria (IPMAN), the price adjustment demonstrates the benefits of deregulation in the petroleum sector, where market forces play a key role in determining prices. “With both Dangote and the federal government’s refineries poised to operate fully, we can anticipate more competitive pricing that will benefit consumers in the long term,” said IPMAN’s Publicity Secretary, Mr. Chinedu Ukadike. MRS Oil Nigeria Plc, a prominent player in the Nigerian downstream oil and gas industry, has also implemented a new petrol price of N935 per litre across all its retail service stations nationwide. This follows an announcement by the President of Dangote Industries Limited, Alhaji Aliko Dangote, that the Dangote Petroleum Refinery has partnered with MRS Oil and Gas to offer petrol at N935 per litre at retail outlets. “We call on all petrol station owners to join MRS Oil Nigeria Plc in improving the supply chain of our beloved country, ensuring product quality and availability in every corner of Nigeria for the benefit of all Nigerians,” said MRS Oil Nigeria Plc. Commuters have expressed their gratitude to Dangote Petroleum Refinery and MRS Oil and Gas, urging other marketers to support the indigenous refinery rather than import off-spec products into the country. “I am very happy today. This is a victory for Nigeria. The price reduction is the best gift of the season. But beyond just the reduction, we are buying standard, eco-friendly petrol at a lower rate,” said Mrs. Ibukun Phillips, a commuter at the MRS station at Alapere. A public affairs analyst and university lecturer, Dr. Tunde Akanni, said the collaboration between Dangote Petroleum Refinery and MRS Oil represents a significant step towards improving the affordability, quality, and sustainability of petroleum products in Nigeria. “This move will not only help ease the financial burden on Nigerians but also promote a more environmentally conscious approach to fuel consumption, benefitting both the economy and public health in the long term,” he said.