The Nigerian National Petroleum Company Limited (NNPC) has once again reduced the pump price of petrol across its outlets. In Abuja, the price now stands at N965 per litre, while in Lagos, motorists can purchase petrol at N925 per litre at NNPC stations. This marks the second price adjustment within two weeks, showcasing the increasing influence of the Dangote Refinery on the market.
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Competitive Pricing Reshapes Nigeria’s Fuel Market
The adjustment follows a reduction from the previous rate of N1,020 in Abuja and N1,015 in Lagos. NNPC’s price reduction is a direct response to similar adjustments made by the Dangote Refinery, which has been driving competition in the downstream oil and gas sector.
Independent Petroleum Marketers Association of Nigeria (IPMAN) Publicity Secretary, Mr. Chinedu Ukadike, reassured Nigerians of adequate petrol supply during the festive season, emphasizing the benefits of deregulation. “This price adjustment demonstrates how market competition can lead to fairer prices for consumers,” Ukadike stated.
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Current Petrol Prices Across Major Outlets
- NNPC Retail Stations: N965 (Abuja), N925 (Lagos)
- MRS Oil Nigeria Plc: N935 nationwide
MRS Oil Nigeria Plc, in collaboration with the Dangote Refinery, implemented a price of N935 per litre following a reduction in the ex-depot price to N899.50 per litre. The company has urged consumers to report any stations not complying with the new price structure via dedicated helplines.
Consumer Reactions
The price reductions have been widely welcomed. Commuters in Lagos expressed gratitude for the more affordable rates and eco-friendly petrol. “This is a victory for Nigeria,” said Mrs. Ibukun Phillips, a Lagos resident. “We’re not just saving money; we’re supporting local production and getting better quality fuel.”
Commercial bus drivers, like Adio Ajibade, noted that the reduced rates would lower transportation costs, especially during the Christmas season. “This price reduction is a huge relief,” he remarked.
Market-Wide Impacts
Dr. Tunde Akanni, a public affairs analyst, described the collaboration between Dangote Refinery and major oil marketers as transformative. “These price adjustments ease financial burdens on Nigerians and promote environmentally sustainable fuel consumption,” he noted.
What’s Next for Nigeria’s Petroleum Sector?
The ongoing competition between NNPC, Dangote Refinery, and other marketers underscores the benefits of deregulation in the petroleum industry. As both government and private refineries ramp up operations, Nigerians can expect further adjustments and improvements in fuel pricing.
The festive season has seen a steady fuel supply, with retailers like IPMAN urging members to align prices with market trends. This collaboration is poised to drive efficiency and affordability, making the energy sector more consumer-focused.
Stay updated with the latest developments in Nigeria’s energy sector as competitive forces reshape the market for the benefit of all Nigerians.
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