NNPCL has once more reduced the price of petrol to ₦890 per liter in Abuja and ₦865 per liter in Lagos.
In the Federal Capital Territory (FCT), NNPCL stations have lowered their pump prices to ₦890 per litre, a decrease of ₦55 from the previous price of ₦945.
Meanwhile, in Lagos, the NNPCL station located at Iwaya, Yaba has adjusted its price to ₦865 per litre, down from ₦895.
This modification follows closely after Dangote Refinery’s decision to lower its ex-depot price by ₦30, bringing it down from ₦850 to ₦820 per litre.
Since the ex-depot price is essentially the wholesale rate that marketers pay, it has a direct impact on the prices at the pump. As a result, the refinery’s adjustment has already set off a chain reaction among major retailers.
Industry analysts indicate that Dangote’s actions have intensified competition, pushing NNPCL and other retailers to lower their prices in order to preserve their market positions.
The recent decline in global crude oil prices has reduced the costs associated with bringing products ashore, allowing marketers to have greater flexibility in setting retail prices.