NNPC reduces petrol price to N900 in Lagos, N940 in Abuja

The Nigerian National Petroleum Company (NNPC) Limited has reduced the pump price of petrol at its stations in Lagos and Abuja.

According to The Cable, petrol now sells for N900 per litre in Lagos and N940 per litre in Abuja as of Thursday. This marks a slight drop from the previous prices of N910 in Lagos and N945 in Abuja.

In Lagos, the Apple Junction outlet on Ago Palace Way is now selling at N900 per litre, while in Abuja, the Lugbe Airport Road station has adjusted its price to N940 per litre.

This price change comes about three weeks after the Dangote Petroleum Refinery cut its ex-gantry petrol price to N828 per litre, sparking what many describe as a growing petrol price competition.

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) had earlier announced that the proposed 15% ad-valorem duty on imported petrol and diesel is no longer being considered, despite its approval by President Bola Ahmed Tinubu on October 21

Chinedu Ukadike, spokesperson for the Independent Petroleum Marketers Association of Nigeria (IPMAN), also hinted that petrol prices could drop even further as the price war between suppliers continues to unfold.