Petrol Price Drops to N890/Litre in Abuja as FG Convenes Stakeholders Forum
The Nigerian National Petroleum Company (NNPC) Limited has further reduced the pump price of petrol to N890 per litre in Abuja, amid ongoing discussions around pricing standards and deregulation in the downstream oil sector.
This new pricing, observed across several outlets in the capital city—including Federal Housing, Kubwa, and Wuse Zone 3—marks a N5 decrease from the previous N895 per litre, adjusted just a week earlier.
Meanwhile, petrol pump prices remain unchanged in Lagos, where the commodity still sells for N865 per litre. In contrast, MRS Oil, one of Dangote Refinery’s major distribution partners, currently sells petrol at N885 per litre in Abuja.
The price reduction by NNPC follows similar moves by Dangote Refinery, which earlier in July slashed its ex-depot petrol price from N840 to N820 per litre.
The development comes as the federal government convenes a national stakeholders forum on July 23 and 24 to address pricing and supply challenges in the deregulated petroleum market.
According to Francis Ogaree, executive director of hydrocarbon processing plants, installation, and transportation infrastructure at the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), “stakeholders will deliberate on pricing standards, feedstock availability, and stability of the deregulated petroleum market.”
The stakeholder engagement is viewed as a response to mounting pressure from independent petroleum marketers who have been calling for regulatory intervention amid fluctuating prices and uncertain supply dynamics in the deregulated regime.
While NNPC has not issued an official statement on the latest price cut, industry watchers suggest the move could be a strategic step ahead of the stakeholders’ forum to ease pressure on consumers and support pricing balance across the country.
The current petrol pricing reflects ongoing volatility and efforts by both government and private operators to stabilise the market.
