Breaking News: NNPC Cuts Petrol Prices in Abuja—What This Means For You

According to The Cable, the price cut sees petrol drop from ₦935 to ₦910 per litre at an NNPC retail outlet in Wuse Zone 3, Abuja.

Despite this adjustment in Abuja, petrol prices at NNPC retail outlets in Lagos remain unchanged, sparking discussions about regional pricing disparities.

This price reduction marks a new phase in the ongoing “price war” between NNPC and Dangote Refinery. On May 12, Dangote Refinery also reduced its ex-depot petrol price to ₦825 per litre, intensifying competition in Nigeria’s downstream oil sector.

The price cut follows a meeting on May 9 between NNPC’s Group Chief Executive Officer (GCEO), Bayo Ojulari, and the founder of Dangote Petroleum Refinery, Aliko Dangote. The two leaders agreed to foster cooperation instead of competition. Dangote emphasized, “There is no competition between us; NNPC is part of our business, and we are part of NNPC. This is an era of cooperation between the two organizations.”

Ojulari confirmed this sentiment on May 12, stating that the reduction in petrol prices was due to the procurement of new supplies at lower costs. He added that oil marketers had previously bought stock at higher prices, which led to the increased cost of petrol at the pump.