NNPC Cuts Petrol to N1,370 in Abuja, N1,360 in Lagos After Weekend Hike

NNPC has reversed its weekend petrol price increase, cutting pump price at its Abuja filling stations to N1,370 per litre from N1,405 per litre. The N35 per litre reduction was confirmed by a market survey on Monday, October 12. In Lagos, NNPC stations sold petrol at N1,360 per litre, N10 below the Abuja price.

The cut came amid the Federal Government's N66 per litre discount available to motorists through NNPCL's recently launched mobile application. It followed recent price increases by MRS and other filling stations, which added to transportation and business costs nationwide.

Oyedele's N1,350 proposal and subsidy debate

Finance Minister Taiwo Oyedele last Thursday proposed fixing petrol prices at N1,350 per litre across NNPCL filling stations. The proposal triggered questions about whether the government was restoring fuel subsidies. Oyedele and the Presidency rejected that interpretation, insisting the arrangement was a discount rather than a return to the former subsidy system.

The Abuja cut was seen at NNPCL outlets in Berger, Wuse Zone 6 and Wuse Zone 4, where prices were adjusted downwards by N35 per litre.

LCCI seeks 20% cut over six months

The Lagos Chamber of Commerce and Industry has urged the Federal Government to introduce a six-month programme targeting at least a 20% reduction in petrol pump prices. LCCI Director-General Dr Chinyere Almona said stabilising prices at high levels would not ease pressure on businesses and households.

Almona said moderating sudden price increases would provide limited relief if pump prices remained high. She argued that rising energy and transportation costs continued to erode consumer purchasing power, increase production expenses and weaken the competitiveness of Nigerian businesses.

She called on the government to bring together domestic refiners, petroleum marketers, regulators and industry stakeholders to establish a structured Petrol Price Reduction Programme. The initiative, she said, should aim to reduce petrol pump prices by approximately 20% from the prevailing national weighted-average price, subject to verified supply costs and sustainable market conditions.

Her other recommendations included securing more predictable domestic crude oil supplies for refineries under transparent commercial arrangements, reducing logistics and distribution costs, improving storage infrastructure and eliminating unlawful charges that push pump prices higher. The chamber also supported greater investment in compressed natural gas (CNG) and electric vehicle infrastructure to reduce dependence on petrol.

Warning on deferred costs

Almona warned that requiring refiners and importers to absorb temporary cost increases without proper management could create deferred financial obligations that might eventually push prices higher. She said any intervention must preserve the commercial viability of refiners and importers, prevent fuel shortages and avoid undermining investor confidence in the sector.

Earlier, petroleum marketers pushed petrol pump prices higher by as much as N39 per litre, ending a brief period of declining fuel costs and piling fresh pressure on consumers already stretched by the high cost of living. Checks across the Federal Capital Territory showed that MRS filling stations, backed by Dangote Petroleum Refinery, moved their pump price from N1,370 to N1,409 per litre. The new rate applied at MRS outlets in Kubwa, Katampe, Gwarinpa and several other parts of the capital.

For consumers and businesses, the Abuja and Lagos cuts offer only modest relief because pump prices remain high and marketers have recently raised rates. The LCCI's proposals show the debate has shifted to how to lower petrol prices without causing shortages or creating deferred costs that could return as higher prices later.