The Nigerian National Petroleum Company Limited (NNPCL) has implemented another fuel price reduction, bringing petrol costs down to ₦890 per liter in Abuja and ₦865 per liter in Lagos.
Across the Federal Capital Territory, NNPCL outlets have cut their retail prices to ₦890 per liter, representing a ₦55 reduction from the earlier rate of ₦945. In Lagos, the NNPCL facility at Iwaya, Yaba has set its new price at ₦865 per liter, marking a ₦30 decrease from the former ₦895 rate.
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The price adjustment comes on the heels of Dangote Refinery’s decision to slash its ex-depot pricing by ₦30, reducing it from ₦850 to ₦820 per liter. Given that ex-depot rates represent the wholesale costs paid by fuel marketers, this reduction directly influences retail pricing at filling stations.
Consequently, the refinery’s price cut has triggered responsive pricing adjustments across major fuel retailers.
Market experts suggest that Dangote’s pricing strategy has heightened competitive pressure, compelling NNPCL and rival retailers to reduce their rates to maintain market share.
The ongoing decrease in international crude oil values has lowered importation costs for petroleum products, providing marketers with increased pricing flexibility in the retail sector.
 has implemented another fuel price reduction, bringing petrol costs down to ₦890 per liter in Abuja and ₦865 per liter in Lagos.){kind=link}