NNPC reduces petrol price in Abuja, Lagos

In a welcome development for motorists, the Nigerian National Petroleum Company (NNPC) Limited has reduced the pump price of Premium Motor Spirit (PMS), commonly known as petrol, at its retail outlets.

As observed on Wednesday, the price of petrol dropped to N895 per litre in Abuja, down from the previous N910—a N15 reduction. In Lagos, NNPC stations were selling the product at N865 per litre, offering some relief to residents grappling with high transportation and living costs.

At the NNPC mega station in Kubwa, Abuja, attendants confirmed the new price adjustment, which went into effect during the week.

READ ALSO: JUST IN: Again, Dangote Refinery reduces petrol price

In Lagos, NNPC retail outlets also slashed the price of the product to N865 per litre — a N20 reduction from the prior price of N885 per litre.

At its retail outlets along Igando road, the NNPC reduced the petrol price to N865 per litre.

The development comes amid growing downstream competition between the NNPC and Dangote Petroleum Refinery.

On July 8, the Lagos-based refinery reduced its ex-depot price of petrol to N820 per litre — a week after it slashed the price to N840 per litre.

To address concerns over petrol pricing and supply challenges in the downstream sector, amid growing calls by independent marketers for price regulation, the federal government had scheduled July 23 and 24 for a national stakeholder forum.

Francis Ogaree, executive director of hydrocarbon processing plants, installation and transportation infrastructure at the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), said stakeholders will deliberate on pricing standards, feedstock availability, and stability of the deregulated petroleum market.

(TheCable)