NNPCL Slashes Petrol Prices in Abuja and Lagos as Competition Intensifies
The Nigerian National Petroleum Company Limited (NNPCL) has once again lowered the retail price of petrol, cutting it to ₦890 per litre in Abuja and ₦865 per litre in Lagos.
According to findings, in the Federal Capital Territory (FCT), the reduction marks a ₦55 drop from the previous ₦945 per litre. In Lagos, the NNPCL station in Iwaya, Yaba, adjusted its price from ₦895 to ₦865 per litre.
This latest move comes shortly after Dangote Refinery reduced its ex-depot price — the wholesale rate at which marketers purchase fuel — from ₦850 to ₦820 per litre. This cut has triggered a ripple effect among major fuel retailers.
Industry experts say the refinery’s pricing strategy has intensified market competition, compelling NNPCL and other sellers to follow suit to remain competitive.
Falling global crude oil prices have also eased import-related costs, giving marketers more room to lower retail pump prices without significantly impacting profit margins.
