The Nigerian National Petroleum Company (NNPC) Limited has lowered the pump price of petrol by ₦20 per litre at its retail stores in Abuja.
The price per litre is now ₦1,040 instead of ₦1,060.
Despite this decrease, independent petrol stations have kept their rates higher, ranging from ₦1,115 to ₦1,120 per litre, depending on the location.
This price change follows the initiation of production at the state-owned Port Harcourt refinery in November 2024.
Prof. Billy Okoye, the former managing director of NNPC Retail, had previously stated that the refinery’s operations were expected to result in lower fuel prices.
Furthermore, pointing to a drop in the expected landing cost of petrol to 900.28 per litre, the Independent Petroleum Marketers Association of Nigeria (IPMAN) has encouraged the Dangote Refinery to think about reducing its ex-depot pricing from 970 per litre.
These actions are part of larger initiatives to keep Nigerian fuel prices stable in the face of exchange rate volatility and changes in the world economy.
While further talks with refineries aim to further cut prices and guarantee a consistent supply of petroleum products nationwide, the NNPC’s price drop attempts to offer some respite to consumers who are battling high fuel expenditures.
