NNPC Lowers Petrol Price to N1,295/Litre After Refinery Cut

The Nigerian National Petroleum Corporation (NNPC) has announced a reduction in petrol prices at its retail outlets to N1,295 per litre, down from N1,361, representing a N71 decrease. This price adjustment follows a recent cut in the gantry price by Dangote Refinery, which lowered its rate by N85 to N1,200 per litre.

The change in the petrol price landscape comes just days after the refinery's adjustment. However, the new price set by NNPC has not yet been widely adopted across the market.

For instance, Mr. Oil Nigeria PLC has not revised its petrol price, which remains at N1,367 per litre.

Other major market players, including Ranoil Nigeria Limited, Empir Energy, Emedab Energy Services Limited, and TotalEnergies, continue to sell fuel at higher rates ranging from N1,370 to N1,395 per litre. This development highlights the growing divergence in retail fuel prices as operators respond at different speeds to changes in wholesale supply costs.