NNPC Crashes Petrol Price Again as Marketers Hope For Further Reduction

• The Nigerian National Petroleum Company Limited NNPC has crashed its petrol prices further by N20
• Findings showed that NNPC outlets dispensed petrol to motorists in Abuja at N1,040 instead of N1,060 per litre
• However, the new NNPC price is still relatively higher than what other Major marketers sell petrol nationwide

Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.

The Nigerian National Petroleum Company Limited (NNPC) has crashed petrol across its retail stations in the Federal Capital Territory, Abuja.

Findings showed that NNPC outlets sold petrol to motorists at N1,040 instead of N1,060 per litre on Saturday, December 14, 2024.

NNPC slashes petrol prices by N20

Filling station attendants confirmed that the N20 slash became effective on Saturday, December 14, 2024.

Motorists also confirmed buying the product at the new rate, expecting further reductions in the coming days.

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With the new reduction, Nigerians will pay N20 less at N1,040 per litre at NNPC filling stations, while other stations, depending on the location, sell above N1,100.

Meanwhile, the new price at NNPC retail outlets is slightly higher than that of other significant markers selling PMS.

Major marketers sell petrol cheaper than NNPC

An investigation by Legit.ng shows that MRS Oil and 11Plc, owners of Mobil filling stations, sell petrol at N1,025 per litre, from N1,050 they sold two weeks ago.

The NNPC's new price comes three weeks after the Port Harcourt Refinery, which had been closed for several years, began operations.

The ex-NNPC Retail managing director Billy Okoye had stated that a fuel price crash was imminent following the commencement of the Port Harcourt refinery.

Oil marketers had also hinted at further price crashes following the total deregulation of the petroleum downstream sector and the commencement of PMS production by the Dangote Refinery.

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Fuel prices crash by over N100

Legit.ng previously reported that PMS prices have crashed from N1,200 to N1,025 per litre in the past weeks due to intense competition in the market.

Checks show that the Major Energy Marketers Association of Nigeria (MEMAN) have crashed petrol prices.

The development comes as independent marketers said its members hope to lift petroleum products from the Port Harcourt refinery.

Source: Legit.ng