The Nigerian National Petroleum Company Limited has reduced the pump price of petrol after the Dangote Refinery announced a cut in its gantry loading price.
Fuel price at NNPCL stations in Abuja dropped to N1,165 per litre on Wednesday, down from N1,260 per litre the previous day.
The reduction represents a N95 drop per litre.
New Prices Seen At Abuja Filling Stations
The new price has already been implemented at NNPCL outlets in:
- Jabi
- Lifecamp
- Wuse Zone 5
- Wuse Zone 4
Diesel is currently selling at about N1,535 per litre at the same stations.
Other filling stations have also adjusted prices:
- NIPCO – about N1,195 per litre
- AP – about N1,200 per litre
- AA Rano – about N1,223 per litre
Dangote Refinery Price Cut Triggered Reduction
The change comes after Dangote Refinery lowered its gantry price to about N1,075 per litre following a drop in global crude oil prices.
A manager at MRS filling station said the company plans to reduce its pump price to about N1,167 per litre.
Crude Oil Prices Also Falling
At the time of the adjustment:
- Brent crude traded around $91.76 per barrel
- West Texas Intermediate stood near $86.86 per barrel
Lower crude prices usually reduce the cost of refined fuel, which can lead to pump price cuts.
More adjustments may follow if crude prices continue to fall or refineries maintain lower loading costs.
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