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The Nigerian National Petroleum Company (NNPC) Limited has announced a reduction in petrol prices at its outlets, with the retail price now set at ₦925 per litre in Lagos and ₦965 per litre in Abuja.
Previously, the price stood at ₦1,025 per litre in Lagos and ₦1,040 per litre in Abuja. In the capital, the NNPC’s Lugbe outlet has adopted the new price of ₦965 per litre, while at the MRS filling station on Kubwa Road, the pump price has dropped from ₦1,070 to ₦935 per litre.
In Ibadan, the price has been reduced to ₦985 per litre at the Agodi retail outlet, down from ₦1,015.
This adjustment follows a decrease in ex-depot prices within the downstream sector. On December 19, Dangote Petroleum Refinery lowered the ex-depot price of petrol to ₦899.50 per litre. The refinery has also collaborated with MRS Oil Nigeria Plc to retail petrol at ₦935 per litre at its outlets.
By December21, 2024 the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) confirmed that the NNPC had reduced its ex-depot price to ₦899 per litre in Lagos, further signalling a gradual trend towards more affordable fuel prices.
