Nigerians Rush To Buy as NNPC Slashes Petrol Prices For All States, Lagos Cheapest

NNPC has slashed petrol prices across all states in Nigeria, with Lagos having the cheapest rate at N865 per litre. This reduction reflects a N30 decrease compared to the previous price.

Other states saw varying prices, with Abuja selling at N890 per litre. The price adjustment follows Dangote Petroleum Refinery's decision to reduce prices at their depot.

This move aims to attract more customers and stay competitive in the market. The drop in petrol prices is attributed to the decrease in global crude oil prices, with Brent crude trading around $66 per barrel.

The Energy Information Administration predicts that the price of Brent crude could average $60 per barrel in the fourth quarter of 2021. This reduction in petrol prices comes as the National Bureau of Statistics reports a rise in the cost of refilling cooking gas in some states.