NNPC Petrol Price Reduction . NNPC reduces Petrol Prices Nationwide as Competition with Dangote Refinery Heats Up
The Nigerian National Petroleum Company (NNPC) Limited has officially reduced the pump price of premium motor spirit (PMS), popularly known as petrol, to N865 per litre in Lagos and N895 per litre in Abuja.
NNPC Petrol Price Reduction . This development was confirmed on Wednesday following visits to various NNPC retail outlets across the country. In the Federal Capital Territory (FCT), Abuja, petrol was sold at N895 per litre, marking a N15 drop from the previous N910 per litre rate. At the Kubwa NNPC outlet, the new pricing was clearly visible, aligning with reports of a broader nationwide adjustment.
NNPC Petrol Price Reduction . Similarly, in Lagos, NNPC petrol stations now offer PMS at N865 per litre, down by N20 from the earlier rate of N885 per litre. Outlets along Igando road, among others, have begun implementing the new pricing.
The fuel price revision comes amid intensified competition between the state-owned NNPC and Dangote Petroleum Refinery, which has been making waves in the downstream sector. On July 8, Dangote Refinery further reduced its ex-depot petrol price to N820 per litre, just a week after dropping it from N850 to N840 per litre.
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NNPC Petrol Price Reduction . As the market dynamics continue to shift, the Federal Government has scheduled a national stakeholder forum for July 23 and 24 to address the ongoing concerns around pricing and fuel supply.
Francis Ogaree, Executive Director at the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), stated that the forum will bring together key players to discuss pricing frameworks, feedstock availability, and ways to ensure a stable deregulated fuel market in Nigeria.
This adjustment signals a pivotal moment in Nigeria’s fuel pricing strategy, driven by competition, deregulation, and a push for market stability.
