The Nigerian National Petroleum Company Limited (NNPCL) has reduced petrol pump prices at select filling stations in Lagos and Abuja, offering motorists a reduction of up to N25 per litre. The price cuts follow Dangote Petroleum Refinery's decision to lower its petrol gantry price by N25 to N1,325 per litre, according to a report by Legit.ng.
Price Reductions at Select NNPCL Outlets
At NNPCL filling stations in Lagos, petrol prices dropped to N1,370 per litre from N1,385, a reduction of N15. In Abuja, some NNPCL stations lowered their prices by N25, moving from N1,430 to N1,405 per litre.
The adjustments came after Dangote Refinery cut its ex-refinery price, creating room for marketers and retailers to pass savings along to consumers. However, the impact has not been uniform across the country.
Uneven Adoption Across Filling Stations
A market survey found that not all NNPCL stations have implemented the revised prices. In Abuja, outlets along the Kubwa Expressway, Air Junction, and Wuse Zones 4 and 5 were still selling petrol at N1,395 per litre. Other filling stations in the Federal Capital Territory, including MRS, Ranoil, AA Rano, and Empire Energy, were dispensing petrol at between N1,395 and N1,430 per litre.
Across Nigeria more broadly, motorists continue to pay different prices depending on their location, the filling station they visit, and local supply conditions. The degree to which individual stations reflect the new pricing depends on factors such as when retailers last stocked up, distribution costs, and operating expenses at each outlet.
Crude Oil Prices and Future Outlook
The latest development comes against a backdrop of elevated international crude oil prices, with Brent crude trading at around $104 per barrel and West Texas Intermediate at roughly $92 per barrel. Further shifts in global crude prices and domestic fuel supply costs may yet influence what Nigerians pay at the pump in the days ahead.
Earlier, Legit.ng reported that Nigerian fuel depot owners could face renewed pressure to raise petrol and diesel prices after international crude oil prices climbed back above $107 per barrel on Monday, September 28, reversing a week of declines at depots across the country. Brent crude had risen $2.92, or 2.80%, to $107.20 per barrel, while West Texas Intermediate gained $2.27, or 2.46%, to reach $94.68.
The jump came after Iran rejected a proposal for a seven-day ceasefire tied to reopening the Strait of Hormuz, a key route for global crude oil and petroleum-product shipments.
