Fuel Price Drops at NNPC Stations

The Nigerian National Petroleum Company (NNPC) Limited has reduced the pump price of petrol at its retail stations in Abuja, bringing it down from N935 to N910 per litre. The price adjustment was observed at an NNPC outlet in Wuse Zone 3 on Tuesday, signaling a new phase in the ongoing pricing competition in the downstream sector.

While Abuja residents will feel some relief at the pumps, petrol prices at NNPC outlets in Lagos remain unchanged. The price cut comes shortly after the Dangote Petroleum Refinery reduced its ex-depot price of petrol to N825 per litre on May 12, following a high-level meeting between NNPC Group Chief Executive Officer Bayo Ojulari and Dangote Group Chairman Aliko Dangote.

The meeting, held on May 9, focused on building strategic cooperation and fostering a collaborative environment between the two major players in the oil sector. Dangote emphasized that the refinery is not in competition with NNPC, describing the relationship as one of partnership and shared goals.

Ojulari noted that further reductions in petrol pump prices are expected as new supplies are sourced at lower costs, highlighting that current high retail prices reflect the cost of previously purchased stock.