NNPC reduces Petrol Price to N895/Litre in Abuja, N865 in Lagos amid Market Pressure
The Nigerian National Petroleum Company (NNPC) Limited has reduced the pump price of premium motor spirit (PMS), popularly known as petrol, to N895 per litre in Abuja and N865 per litre in Lagos, as competition in the downstream sector intensifies.
The Cable observed on Wednesday that NNPC retail outlets in Abuja, including the station in Kubwa, sold petrol at N895 per litre, down N15 from the previous price of N910. In Lagos, petrol was dispensed at N865 per litre at NNPC outlets along Igando road — a N20 reduction from N885.
The price slash comes amid growing competition between the NNPC and the Dangote Petroleum Refinery, which recently adjusted its pricing strategy.
On July 8, the Lagos-based Dangote refinery reduced its ex-depot price of petrol to N820 per litre, after an earlier drop to N840 per litre a week prior.
As independent marketers intensify calls for government intervention and regulation in petrol pricing, the federal government has scheduled a national stakeholder forum for July 23 and 24 to address pressing issues in the downstream sector.
According to Francis Ogaree, executive director of hydrocarbon processing plants, installation and transportation infrastructure at the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), the forum will deliberate on “pricing standards, feedstock availability, and stability of the deregulated petroleum market.”
The pricing move by NNPC appears strategic, ahead of what could be a defining moment in Nigeria’s downstream petroleum framework.
