GistReel
The petrol price reduction at Nigerian National Petroleum Company (NNPC) stations in Lagos and Abuja has drawn public attention as fresh pricing changes take effect.
The new adjustment introduces slightly lower pump prices, giving motorists some relief after months of steady increases.
NNPC Adjusts Pump Prices in Lagos and Abuja
Reports from TheCable show that petrol now sells for N900 per litre in Lagos and N940 per litre in Abuja.
These new prices mark a small drop from the earlier rates of N910 in Lagos and N945 in Abuja, and many motorists welcomed the change.
In Lagos, the Apple Junction station on Ago Palace Way confirmed its pump price at N900 per litre.
In Abuja, the Lugbe Airport Road outlet also updated its rate to N940 per litre, aligning with NNPC’s latest directive.
Recent Dangote Price Cut Influences Market Competition
The petrol price reduction comes around three weeks after the Dangote Petroleum Refinery reduced its ex-gantry price to N828 per litre.
Analysts say this move triggered active competition among suppliers, which may continue to push pump prices lower in coming weeks.
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) also stated that the proposed 15% ad-valorem duty on imported petrol and diesel is no longer under consideration.
The duty had earlier received presidential approval on 21 October, but regulators now confirm that it will not be implemented.
Marketers Expect Further Price Drops
Chinedu Ukadike, spokesperson for the Independent Petroleum Marketers Association of Nigeria (IPMAN), said the petrol price reduction could continue as suppliers engage in what appears to be a growing price war.
He added that more declines are possible if current market competition remains strong.
With the ongoing developments, many consumers hope the petrol price reduction will ease transport costs and support businesses across major cities.