The Digest:
The Nigerian National Petroleum Company (NNPC) Limited has reduced the pump price of Premium Motor Spirit (PMS), commonly known as petrol, to N895 per litre in Abuja and N865 per litre in Lagos. This fuel price drop reflects an ongoing shift in the downstream petroleum sector.
Key Points:
- In Abuja, NNPC retail outlets are now selling petrol for N895 per litre, a N15 decrease from the previous N910.
- In Lagos, the price at NNPC outlets has been cut to N865 per litre, marking a N20 reduction from the prior N885.
- This development occurs amidst increasing competition in the downstream sector, particularly between NNPC and the Dangote Petroleum Refinery.
- On July 8, Dangote Refinery reduced its ex-depot price of petrol to N820 per litre, following a previous reduction to N840 a week earlier.
- The federal government has scheduled a national stakeholder forum for July 23 and 24 to address concerns over petrol pricing, supply, and stability in the deregulated market.
Sources: Nairametrics
