NNPCL cuts petrol price by N95 after Dangote Refinery reduces Gantry rate

The Nigerian National Petroleum Company Limited (NNPCL) has reduced the pump price of Premium Motor Spirit (PMS), commonly known as petrol, following a recent gantry price cut announced by the Dangote Refinery.

Checks on Wednesday showed that NNPCL filling stations in Abuja and surrounding areas lowered their petrol pump price to N1,165 per litre, down from N1,260 per litre recorded on Tuesday. The adjustment represents a reduction of N95 per litre by the state-owned oil company.

The new price has already been implemented at several NNPCL outlets across the capital, including stations located in Jabi, Lifecamp, Wuse Zone 5, and Wuse Zone 4 as of the time of filing this report.

Meanwhile, Automotive Gas Oil (AGO), also known as diesel, was observed selling at N1,535 per litre at the NNPCL outlets.

Other major retail marketers have also adjusted their pump prices in response to the market shift. Stations operated by NIPCO were seen selling PMS at N1,195 per litre, while outlets of Ardova Plc (AP) dispensed petrol at N1,200 per litre. Filling stations belonging to AA Rano were also selling the product at N1,223 per litre.

A manager at an outlet of MRS Oil Nigeria Plc, who requested anonymity, disclosed that the station would further reduce its petrol pump price by N100, bringing the new rate to N1,167 per litre starting from Thursday.

READ ALSO: Breaking: Dangote Refinery cuts petrol price by N100 to N1,075 per litre, slashes diesel cost

“We will reduce our petrol price to N1,167 per litre from Thursday,” the manager said.

The latest development comes after the Dangote Refinery announced a reduction in its gantry price to N1,075 per litre, prompting filling stations across the country to begin adjusting their retail prices.

The price adjustment also coincides with a recent decline in global crude oil prices. As of the latest market data, Brent crude was trading at $91.76 per barrel, while West Texas Intermediate crude stood at $86.86 per barrel.

Industry observers say the downward movement in gantry and retail fuel prices could bring temporary relief to motorists and businesses grappling with high energy costs across Nigeria.