NNPC Cuts Petrol Prices in Lagos as Depot Rates Drop Nationwide
By Aboki Forex —
Several NNPC filling stations in Lagos have reduced petrol pump prices, reflecting lower ex-depot rates across key fuel supply hubs. Checks over the weekend show that outlets at Egbeda and Ipaja now sell petrol below the official N1,320 price, ranging between N1,300 and N1,315 per litre.
At Egbeda bus stop, NNPC stations sell at N1,300 per litre. In Ipaja, the price is N1,315 per litre. The reductions follow a drop in depot prices between May 18 and May 22.
In Lagos, Bono depot cut prices from N1,279 to N1,277 per litre. Integrated, Quest, and African Terminal also moved from N1,279 to N1,277 per litre. Techno Oil and Aiteo dropped from N1,278 to N1,277 per litre, according to Petroleumprice.ng.
In Warri, Rain Oil reduced petrol from N1,315 to N1,290 per litre, a N25 decline. Nepal cut its price from N1,292 to N1,285 per litre. Optima also moved from N1,290 to N1,285 per litre. Parker lowered its price from N1,292 to N1,290 per litre. Improved supply drove the decreases at the Warri market late last week.
In Calabar, Sobaz changed prices from N1,298 to N1,290 per litre. Northwest, Fynefield, and Soroman all fell from N1,300 to N1,290 per litre. Despite the drop, Calabar still has the highest PMS prices in the country during the review period.
Diesel prices also fell across depots in Lagos, Warri, and Port Harcourt. The decline is linked to improved supply and weaker demand.
Meanwhile, Dangote Petroleum Refinery has filed a fresh suit at the Federal High Court in Lagos. The company seeks to quash recent fuel import licenses granted or renewed by the Nigerian Midstream and Downstream Petroleum Regulatory Authority to NNPC and independent marketers. Dangote argues that the licenses violate a court order maintaining the status quo and the Petroleum Industry Act, which bans fuel imports when local supply is sufficient. The refinery insists Nigeria now has enough refining capacity to stop comprehensive import approvals.