By Ayomide Otitoju
Retail outlets operated by the Nigerian National Petroleum Company Limited (NNPCL) have adjusted the petrol pump price to ₦860 per litre, down from ₦945, in response to recent price changes in the downstream sector.
While NNPCL Retail has yet to issue an official statement, reports indicate that several stations in Lagos have updated their prices. This adjustment follows the decision by Dangote Refinery to reduce its ex-depot petrol price from ₦890 to ₦825 per litre.
Confirming the development, the National Vice President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Hammed Fashola, said, “It is true, NNPC is selling petrol at ₦860 in its filling stations. Though this has not been reflected on the portal, they told me they are working on updating it.”
Similarly, the National President of the Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN), Billy Gillis-Harry, stated, “They reduced the pump price earlier this morning, but I’m yet to get the details.”
Over the weekend, Dangote Refinery announced its decision to refund ₦65 per litre on over 200,000 metric tonnes of petrol previously sold at the old gantry price of ₦890 per litre. The refinery absorbed a ₦16 billion loss to ensure Nigerians benefit from more affordable fuel, aligning with President Bola Tinubu’s Renewed Hope Agenda aimed at stimulating the economy.
