JUST IN: NNPCL, more Nigerian filling stations reduce fuel price significantly

Fuel Prices Drop as NNPCL and Other Stations Adjust Pump Rates Nationwide

The Nigerian National Petroleum Company Limited (NNPCL) and several other filling stations have reduced the pump price of Premium Motor Spirit (petrol) across parts of Nigeria, following recent adjustments in refinery pricing.

A market survey in Abuja on Wednesday showed that NNPCL retail outlets reduced their petrol price to ₦1,335 per litre from ₦1,364 per litre.

Other major marketers, including NIPCO and AA Rano, also adjusted their pump prices, with retail outlets selling between ₦1,330 and ₦1,350 per litre, down from previous rates of ₦1,350 and ₦1,370 respectively.

The latest adjustments represent reductions of about ₦20 to ₦29 per litre, depending on the outlet.

The price changes come just days after the Dangote Refinery reduced its gantry petrol price by ₦25 per litre, a move that has continued to influence downstream pricing across the country.

Following that announcement, several filling stations began adjusting their pump prices in line with new supply costs.

Reacting to the trend, the President of the Independent Petroleum Marketers Association of Nigeria said more price reductions are expected as marketers receive fresh stock from the 650,000-barrel-per-day Dangote Refinery.

Industry analysts say the ongoing adjustments reflect increased competition and gradual alignment of market prices with domestic refining output.