By Our Correspondent
The Nigerian National Petroleum Company (NNPC) Limited has reduced the ex-depot price of petrol in Lagos to ₦899 per liter.
This adjustment mirrors a similar price cut recently implemented by the Dangote Refinery. The move signals increasing competition within Nigeria’s downstream petroleum sector.
The new pricing, outlined in a document from NNPC’s commercial department, also sets the ex-depot rate at ₦970 per liter in Oghara, Port Harcourt, and Calabar.
Industry stakeholders predict that this competition could lead to further price reductions, benefiting consumers during the festive season.
The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) welcomed the price change, noting that it reflects the evolving dynamics of deregulation.
They anticipate additional reductions by early 2025, driven by global crude oil trends and currency fluctuations.
With heightened competition in the sector, monitoring mechanisms are being strengthened to ensure the price benefits reach consumers while maintaining market stability.
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