The Nigerian National Petroleum Company Limited (NNPCL) has reduced the pump price of petrol to ₦925 per litre in Lagos and ₦965 per litre in Abuja.
This marks a significant reduction from previous prices of ₦1,025 and ₦1,040 per litre, respectively.
This price adjustment follows a reduction in ex-depot prices by major suppliers. Earlier, on December 19, Dangote Petroleum Refinery lowered its ex-depot price to ₦899.50 per litre and partnered with MRS Oil Nigeria Plc to retail petrol at ₦935 per litre nationwide.
In response, NNPCL also reduced its ex-depot price to ₦899 per litre in Lagos, leading to the current pump price reductions.
These developments are part of a broader trend of decreasing petrol prices across Nigeria, influenced by increased domestic refining capacity and market competition.
Meanwhile, the Independent Petroleum Marketers Association of Nigeria (IPMAN) has assured consumers of sufficient petrol supply and urged its members to align their pump prices with the new rates to remain competitive.
