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The Digest:

The Nigerian National Petroleum Company Limited (NNPCL) has reduced petrol prices by N95 per litre following Dangote Refinery's gantry price cut. NNPCL filling stations in Abuja and environs now sell petrol at N1,165 per litre, down from N1,260. Diesel is sold at N1,535 per litre. Other marketers followed suit: NIPCO at N1,195, AP at N1,200, and AA Rano at N1,223 per litre. An MRS manager said the outlet will reduce petrol to N1,167 per litre from Thursday. The reductions follow Dangote Refinery's cut to N1,075 amid falling crude prices. Brent and WTI crude currently stand at $91.76 and $86.86 per barrel respectively.

Key Points
  • NNPCL cuts petrol by N95 to N1,165 per litre in Abuja.
  • Diesel now N1,535 per litre.
  • NIPCO, AP, AA Rano also reduce prices (N1,195-N1,223).
  • MRS to cut to N1,167 from Thursday.
  • Reductions follow Dangote price cut, falling crude prices.
Petrol prices finally fall, NNPCL slashes by N95, marketers follow, as Dangote's cut and easing crude offer Nigerians a rare moment of relief at the pump.

Sources: Market Survey