NNPCL Reduces Petrol Price to N1,210 per Litre Again

The Nigerian National Petroleum Company Limited (NNPCL) has announced a reduction in the petrol pump price to N1,210 per litre, representing a N50 decrease from the previous rate of N1,260 per litre. This marks the second price cut within four days, following an earlier reduction of N75 per litre.

The latest adjustment is attributed to recent price reductions at Dangote Refinery, which lowered its gantry price by N50 per litre to N1,125, thereby influencing downstream prices across the market. Petrol prices in Abuja and nearby locations now range from N1,210 to N1,305 per litre, depending on the filling station.

Industry analysts link the ongoing price reductions to a sustained decline in global crude oil prices, which are driven by easing geopolitical tensions in the Middle East. As of now, West Texas Intermediate (WTI) crude is trading at approximately $69 per barrel, while Brent crude stands at around $71 per barrel.