NNPC Reduces Petrol Pump Prices by N45 to N740, Aligns with Dangote Refinery

The Nigerian National Petroleum Corporation (NNPC) has decreased petrol pump prices by N45 to N740 per liter, aligning with Dangote Refinery's pricing. NNPC's fuel stations are now selling at N739 per liter.

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) predicts further price drops for petrol, diesel, and liquefied petroleum gas. This reduction follows Dangote Refinery's initiative to offer petrol at competitive prices, with an ex-depot price of N699 per liter.

Private sector investments in Nigeria's oil and gas industry are contributing to the price adjustments. Saidu Mohammed, the NMDPRA's Chief Executive Officer, attributes the price drops to increased supply and competition.

Dangote Refinery's efforts to lower petrol prices are aimed at enhancing affordability and energy stability. The land cost for imported petrol has fluctuated between N750 and N780 per liter.

The move signifies a positive shift towards affordable energy and improved supply in the Nigerian market.