The Nigerian National Petroleum Company (NNPC) Limited has reduced the pump price of Premium Motor Spirit (PMS), commonly known as petrol, at its retail stations in Lagos and Abuja, following a recent market-wide adjustment influenced by the Dangote Refinery.
In Lagos, NNPC outlets are now dispensing petrol for as low as N880 per litre, marking a significant drop from the previous rate of N925 per litre. In Abuja, prices have also been adjusted downwards to N935 per litre, from the earlier N950 per litre.
At the NNPC station located at Apple Junction in Lagos, motorists were seen purchasing petrol at N880 per litre. However, pricing remains somewhat varied across the city, with the Ago Palace outlet selling at N905, and stations along Idimu and Ikotun Roads listing prices at N910 per litre.
In the capital city of Abuja, similar price cuts were observed at key retail locations including Airport Road, Lugbe, and the Federal Housing estate in Kubwa, where fuel is now being sold at N935 per litre.
This nationwide adjustment comes on the heels of a significant price reduction by the Dangote Refinery. On April 16, the refinery announced a drop in its ex-gantry price of petrol to N890 per litre, down from N920 per litre. The move by Dangote appears to have prompted a ripple effect, leading other key partners and retailers to slash their pump prices in response.
The pricing changes signal a possible shift in market dynamics as domestic refining capacity begins to reshape the downstream petroleum landscape. Analysts suggest this could bring much-needed relief to consumers already burdened by high living costs, especially in transportation and logistics.
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NNPC Slashes Petrol Prices in Lagos and Abuja as Dangote Refinery Cuts Trigger Market Shift – TV360 Nigeria
