There is a new petrol pump price at the retail stations owned by the Nigerian National Petroleum Company Limited
New price list exclusively obtained by Legit shows that the petrol price adjustment is nationwide
NNPC Limited is now selling petrol at the same rate as MRS and other Dangote refinery partners
The Nigerian National Petroleum Company Limited (NNPCL) has slashed its petrol pump price across filling stations nationwide.
Legit observed that in Lagos, NNPC retail outlets are selling fuel at N865 per litre to motorists
The latest adjustments reflect a N30 reduction when compared to the previous price of N895 announced recently
The same adjustment was observed at NNPC stations in Abuja as motorists paid on Thursday N890 per litre from the previous price of N925.
A petrol attendant, Chukwumeka, told Legit, we received instructions to reduce the pump price to N865 per litre. Our previous price was N895. I can tell you that our patronage has increased since the adjustment. “We recorded low sales for two days because nearby fuel stations were selling cheaper.”
Here is a snapshot of NNPC petrol prices by states
Abia – N945
Adamawa – N910
Akwa Ibom – N955
Anambra – N890
Bauchi – N915
Bayelsa – N930
Benue – N950
Borno – N960
Cross River – N910
Delta – N930
Ebonyi – N905
Edo – N930
Enugu – 890
Gombe – N965
Imo – N910
Kaduna – N910
Kano – N950
Kwara – N875
Lagos – N865
Nasarawa – N950
Niger – N945
Ogun – N870
Ondo – N905
Osun – N875
Oyo – N870
Plateau – N900
Rivers – N925
Sokoto – N955
Taraba – N930
Yobe – N965
Zamfara – N950
The changes in petrol prices at NNPC filling stations follow Dangote Petroleum Refinery’s decision to reduce its ex-depot price from N850 to N820 per litre.
Other depots, in a bid to attract customers, also slashed their prices closer to Dangote’s rate.
Dangote refinery partners such as MRS, Ardova, and Hyden, among others, have also reduced their pump prices to between N865 and N875 per litre, down from the previous N890 and N895.
Nigeria is operating a deregulated market, and prices are now determined by market forces. The latest price movement is due to a drop in crude oil prices.
Global crude oil, tracked by Brent futures, has fallen sharply, losing over 7% in August. The U.S. Energy Information Administration (EIA) has forecast a further decline.
The EIA predicts that Brent crude, the international benchmark for Nigeria’s crude spot prices, could average below $60 per barrel in the fourth quarter, a level not seen since 2020.
Reuters quoted EIA Acting Administrator Steve Nally as saying: “There’s a lot of uncertainty in the petroleum market.
We’ve seen significant drops in oil prices when inventories build quickly, which is what we anticipate in the coming months.”
For now, Brent is trading at around $66 per barrel
