Breaking: NNPC Lowers Petrol Price Details 

The Nigerian National Petroleum Company (NNPC) Limited has slightly reduced the pump price of Premium Motor Spirit (PMS), commonly known as petrol, at its retail outlets in Lagos, providing minor relief to motorists.....KINDLY READ THE FULL STORY HERE▶

A market survey by TheCable on Thursday revealed that petrol prices at an NNPC station on Idimu Road dropped from ₦960 to ₦945 per litre, while the company’s outlet on Ago Palace Way, Okota, also adjusted its price to ₦945 per litre. However, in Abuja, NNPC outlets maintained the existing rate of ₦965 per litre.

Recent Price Adjustments

The latest price cut comes just three weeks after NNPC raised petrol prices from ₦925 to ₦960 per litre at its Lagos outlets. In December 2024, the company had previously lowered prices from ₦1,025 to ₦925 per litre in Lagos and from ₦1,040 to ₦965 per litre in Abuja.

Other Oil Marketers Follow Suit

NNPC’s price reduction aligns with similar moves by other major oil marketers. Three days earlier, MRS Oil slashed its petrol price from ₦970 to ₦925 per litre in Lagos. The company also introduced region-specific pricing: ₦935 per litre in the Southwest, ₦945 per litre in the North, and ₦955 per litre in the East.

Meanwhile, on February 1, Dangote Petroleum Refinery also lowered its ex-depot price from ₦950 per litre to ₦890 per litre, marking another significant adjustment in the industry.