In a surprising move, some retail outlets of the Nigerian National Petroleum Company Limited (NNPCL) have reduced the price of petrol to N860 per litre. This price adjustment, observed at various stations in Lagos, comes just a few days after the Dangote Refinery made its price cut.
Retail outlets, which had previously been selling petrol at N945 per litre as of Sunday, have now adjusted their prices downward to N860 per litre. However, there has yet to be any official announcement from NNPCL Retail regarding the change, and the updated prices have not been reflected on the official portal.
The price drop follows a similar move by the Dangote Refinery, which last week reduced its ex-depot price for petrol from N890 to N825 per litre.
While NNPC spokesperson Olufemi Soneye has not responded to calls or messages for confirmation, the National Vice President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Hammed Fashola, confirmed the development. Fashola said that “NNPC is selling petrol at N860 in the filling stations,” adding that although the portal hasn’t been updated yet, officials have assured him they are working on it.
Billy Gillis-Harry, the National President of the Petroleum Products Retail Outlet Owners Association of Nigeria, also acknowledged the price reduction, stating, “They reduced the pump price earlier this morning, but I’m yet to get the details.”
This latest price adjustment marks a significant shift in Nigeria’s petrol pricing landscape and follows the trend of price cuts across the industry, offering hope to motorists who have faced high fuel costs in recent months.
