NNPCL Petrol Price Cut Follows Dangote Refinery Gantry Reduction
Petrol prices in parts of Nigeria have dropped after the Nigerian National Petroleum Company Limited (NNPCL) adjusted its pump price in response to a fresh reduction in the gantry price announced by the Dangote Refinery.
PulseNets learned that several NNPCL filling stations in Abuja and surrounding areas reduced the price of Premium Motor Spirit (PMS) to N1,165 per litre on Wednesday, down from N1,260 per litre on Tuesday.
The adjustment reflects a N95 per litre reduction by the state-owned oil company.
Checks obtained by PulseNets showed that the new pump price has already been implemented across multiple NNPCL retail outlets including those located in Jabi, Lifecamp, Wuse Zone 5, and Wuse Zone 4 as of the time this report was filed. Automotive Gas Oil (diesel) is currently selling at N1,535 per litre at the stations.
Market monitoring reported by PulseNets also indicates that several independent filling stations have adjusted their prices following the development. NIPCO stations are selling PMS at N1,195 per litre, while AP outlets are dispensing fuel at N1,200 per litre. AA Rano stations are currently retailing petrol at N1,223 per litre.
A manager at an MRS filling station in the capital, who requested anonymity, spoke to PulseNets about a planned price review at the outlet.
“We will reduce our petrol price to N1,167 per liter from Thursday.”
Industry observers say the fresh price adjustments across retail outlets are closely tied to the latest price move by the Dangote Refinery.
Earlier developments reported by PulseNets indicated that several filling stations across Nigeria had already reduced petrol prices by about N20 per litre after the Dangote Refinery cut its gantry loading price to N1,075 per litre, a move linked to the recent decline in global crude oil prices.
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Data obtained by PulseNets shows that, as of the time of filing this report, Brent crude traded at $91.76 per barrel, while West Texas Intermediate (WTI) stood at $86.86 per barrel.
Energy analysts note that continued fluctuations in crude oil prices and refinery supply dynamics could trigger further adjustments in domestic fuel prices in the coming weeks.
