Breaking: Petrol price drops at NNPC station amid refinery competition

The Nigerian National Petroleum Company (NNPC) Limited has reduced the pump price of petrol at its retail outlets in Abuja, with the new price now set at N910 per litre, down from the previous N935.

This price adjustment was observed on Tuesday at the NNPC Mega Station located in Wuse Zone 3. However, the revised rate currently applies only to the Federal Capital Territory, as petrol at NNPC outlets in Lagos remains pegged at N880 per litre.

The reduction comes on the heels of a similar move by Dangote Refinery, which on Monday slashed its ex-depot price of petrol to N825 per litre. The price drop followed a high-level meeting between NNPC’s Executive Vice President, Bayo Ojulari, and Africa’s richest man, Aliko Dangote. At the meeting, both executives agreed to promote fair competition and collaboration in the petroleum industry.

Ojulari had earlier clarified that previous high pump prices were largely due to older fuel stock purchased at higher rates. He assured that as newer, cheaper supplies enter the market, retail outlets would gradually pass on the cost savings to consumers.