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The Digest:

The Nigerian National Petroleum Company Limited (NNPCL) has reduced its fuel pump price to ₦890 per litre in Abuja, following a price cut by the private Dangote Refinery. This downward shift, a clear example of the Market's Ripple, signals a new era of price competition and market influence in Nigeria's oil sector.

  • The NNPCL has reduced its fuel pump price in Abuja.
  • The new price is ₦890 per litre, down from ₦945.
  • This is a reduction of ₦55 per litre at NNPCL outlets.
  • The price cut follows an adjustment by Dangote Refinery.
  • Dangote Refinery’s ex-depot price was reduced by ₦30 to ₦820.
  • A private filling station also adjusted its prices.
  • The price of crude oil on the international market also influenced the reduction.
The price reduction reflects the growing influence of the Dangote Refinery on Nigeria's fuel market. The Market's Ripple from a private entity is now visibly shaping pricing, signaling a major shift in the industry's dynamics.

Sources: Daily Post