NNPC Limited has lowered the petrol pump price at its Abuja retail outlets to N910 per litre, a reduction from the previous price of N935.
This price adjustment was observed on Tuesday at the NNPC Mega Station located in Wuse Zone 3. However, the revised rate currently applies only to the Federal Capital Territory, as petrol at NNPC outlets in Lagos remains pegged at N880 per litre.
A similar move was made by Dangote Refinery, which reduced its ex-depot price of petrol to N825 per litre on Monday, and this reduction follows suit. The price decrease came after NNPC’s Executive Vice President, Bayo Ojulari, and Aliko Dangote agreed to promote fair competition and collaboration in the petroleum industry during a high-level meeting.
Ojulari explained that high pump prices were mainly caused by older fuel stock purchased at higher rates, but assured that as newer, cheaper supplies become available, retail outlets would gradually reduce prices to reflect the cost savings.
