The Nigerian National Petroleum Company (NNPC) Limited has reduced the pump price of petrol across its retail stations in Lagos and Abuja, marking another shift in the country’s fluctuating fuel market.
A survey on Thursday showed that petrol now sells for N900 per litre in Lagos and N940 per litre in Abuja, reflecting a N10 and N5 reduction from the previous prices of N910 and N945 respectively.
The latest adjustment follows the Dangote Petroleum Refinery’s decision three weeks ago to cut its ex-gantry petrol price to N828 per litre, a move that has continued to influence retail pricing nationwide.
The price drop also comes in the wake of the Nigerian Midstream and Downstream Petroleum Regulatory Authority’s (NMDPRA) announcement on November 13 that the earlier-approved 15 percent ad-valorem duty on imported petrol and diesel would no longer be implemented.
“It should also be noted that the implementation of the 15% ad-valorem import duty on imported Premium Motor Spirit and Diesel is no longer in view,” the agency stated.
President Bola Tinubu had initially approved the duty on October 21 before regulators confirmed its reversal.
The latest reduction adds to growing expectations of further adjustments in the coming weeks as local refining output increases and market pressures shift.
