NNPC Slashes Petrol Price Again to N1,210 as Dangote Refinery Competition Bites
By Aboki Forex —
NNPC has reduced the pump price of petrol in Abuja from N1,260 to N1,210 per litre. This is the second price cut within a week.
The reduction follows Dangote Refinery's decision to lower its ex-depot price to N1,125 per litre. This has increased competition in the downstream market.
A market survey on Saturday showed NNPC retail stations in Abuja, including outlets at Airport Junction and Wuse Zone 6, now sell at N1,210 per litre. That is a N50 drop.
The latest cut comes just four days after an earlier N75 reduction. The cumulative price cut by NNPC now stands at N125 per litre within a week.
Dangote Refinery had announced a N50 per litre cut in its gantry price, bringing it to N1,125 per litre. The back to back reductions have intensified competition in Nigeria's deregulated downstream sector.
Marketers are now adjusting retail prices based on supply costs and supplier strategies. Petrol prices now vary across filling stations in Abuja and neighbouring areas. Consumers pay between N1,210 and N1,305 per litre depending on the marketer and location.
Industry observers say the growing rivalry among suppliers is giving motorists some relief after months of high fuel prices.
The downward adjustment also reflects the recent decline in global crude oil prices. Brent crude is trading around $71 per barrel. West Texas Intermediate is hovering near $69 per barrel as geopolitical tensions ease.