The Nigerian National Petroleum Company (NNPC) Limited has announced a significant reduction in the retail price of petrol across its outlets, offering relief to consumers amidst high fuel costs.
In Lagos, NNPC retail outlets have dropped the price of petrol to ₦925 per litre, down from the previous ₦1,025 per litre, while in Abuja, the price has been reduced to ₦965 per litre, from ₦1,040 per litre.
A visit to NNPC’s Ago Palace Way retail outlet in Lagos confirmed the price adjustment to ₦925 per litre. A pump attendant at the Apple Junction outlet also verified that the price change took effect on Monday afternoon.
However, some retail outlets in Lagos are yet to fully implement the new pricing. For instance, the NNPC outlet at College Road, Ogba, is still selling petrol at ₦1,015 per litre, while other stations, like the Mobil filling station at College Road, have reduced prices from ₦1,025 to ₦1,015 per litre.
In Abuja, petrol prices at the NNPC Lugbe outlet have been adjusted to ₦965 per litre. Other stations, such as the MRS outlet on Kubwa Road, reduced their pump price from ₦1,070 to ₦935 per litre.
Similar price cuts were observed in Ibadan, where the NNPC retail outlet at Agodi lowered its petrol price to ₦985 per litre, from the previous ₦1,015 per litre.
The reduction in petrol prices follows recent adjustments in the ex-depot price of the product in the downstream sector. On December 19, Dangote Petroleum Refinery slashed its ex-depot price to ₦899.50 per litre. The refinery also partnered with MRS Oil Nigeria Plc to sell petrol at ₦935 per litre at its retail outlets nationwide.
Additionally, on December 21, the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) confirmed that the NNPC had reduced its ex-depot price to ₦899 per litre in Lagos.
