NNPC Reduces Petrol Prices to N1,350 Amid New Ceiling

On October 9, petrol depot prices in Lagos and Calabar decreased to N1,350 per litre after the Federal Government proposed a price ceiling of the same amount. This adjustment follows an announcement by Finance Minister and Coordinating Minister of the Economy, Taiwo Oyedele, regarding negotiations for a N1,350-per-litre ceiling on petrol landing and ex-gantry costs.

While several depots in Lagos, Port Harcourt, and Calabar complied with the new price, five depots in Warri continued to list petrol at N1,360 per litre, which is N10 above the proposed ceiling. The government clarified that this measure is not a return to the petrol subsidy removed in 2023 but a temporary strategy to mitigate price volatility amid rising global oil prices.

The effectiveness of this arrangement will depend on its implementation and whether savings are passed on to consumers at filling stations. The Nigerian National Petroleum Company Limited plans to forgo its retail profit margin to help reduce pump prices for customers.