The Nigerian National Petroleum Company (NNPC) Limited has lowered petrol prices at its outlets in Lagos and Abuja.
As of Thursday, petrol now sells for ₦900 per litre in Lagos and ₦940 per litre in Abuja, down from the previous rates of ₦910 and ₦945, respectively, TheCable reports.
At specific locations, Lagos’ Apple Junction station on Ago Palace Way now offers petrol at ₦900 per litre, while Abuja’s Lugbe Airport Road outlet has adjusted its price to ₦940 per litre.
The reduction follows a similar move by Dangote Petroleum Refinery, which three weeks ago lowered its ex-gantry petrol price to ₦828 per litre, sparking what analysts describe as increasing competition in the petrol market.
Meanwhile, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) announced that a previously approved 15% ad-valorem duty on imported petrol and diesel, signed off by President Bola Ahmed Tinubu on October 21, will no longer be implemented.
Chinedu Ukadike, spokesperson for the Independent Petroleum Marketers Association of Nigeria (IPMAN), suggested that petrol prices could decline further as the ongoing price competition among suppliers continues.
