NNPC Slashes Petrol Price, Announces New Rate Across Filling Stations
- Over the weekend, NNPC reduced the price of gasoline at all of its retail sites in Abuja
- Prices at its retail establishments decreased from N1,060 per litre to N1,040, a dip of N20 per litre
- Despite this, prices at independently operated gas stations stayed between N1,115 and N1,120 per litre
Legit.ng journalist Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market.
The Nigerian National Petroleum Company Limited (NNPC) lowered the price of Premium Motor Spirit (petrol), also referred to as gasoline, at all of its retail locations in Abuja over the weekend.
Source: UGC
Investigation and visits to NNPC's stations in Mabushi and the mega filling station in zone 1 revealed that retail outlets' pricing had dropped from N1,060 per litre to N1,040, a N20 per litre or around 1.8% decrease.
THISDAY reported that rates at independently owned filling stations remained between N1,115 and N1,120 per litre even after the price was lowered to N1,040 per litre on Saturday.
According to the report, weeks after the state-owned Port Harcourt refinery started blending petroleum products, the company disclosed that it had started delivering 1.4 million barrels of petroleum products daily to the Nigerian market.
Port Harcourt refinery recently joined Dangote refinery, which recently started providing goods to the Nigerian market and produces 650,000 barrels per day.
Since President Bola Tinubu assumed office, petrol prices have increased from as low as N195 per litre to N1,200 depending on the area.
Dangote explains decision to reduce petrol price
Legit.ng reported that Africa’s richest man, Aliko Dangote, said that the recent reduction in the ex-depot price of Premium Motor Spirit (PMS), commonly known as petrol, to N899.50 per litre at the Dangote refinery’s loading gantry was primarily driven by market dynamics.
Legit.ng had earlier reported that on December 19, the Dangote refinery reduced its ex-depot petrol price from N970 to N899.50 per litre, which led to competition within the downstream sector.
Additionally, Dangote Industries announced a partnership with MRS Petrol stations to sell petrol at N935 per litre across its retail outlets nationwide, earning praise from Nigerians.
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Source: Legit.ng
