NNPC has reduced petrol prices to N965 in Abuja and N925 in Lagos, marking the second price cut in two weeks. This adjustment appears to respond to similar price changes by the Dangote refinery.
The new prices are already in effect at various NNPC stations across Abuja, including Wuse Zone 1, Wuse Zone 4, Mabushi, and Lugbe retail stations, though long queues persist. Independent and major marketers continue to sell at higher rates between N1,030 and N1,070.
IPMAN has assured sufficient petrol stock for the Christmas season, with its Publicity Secretary, Mr. Chinedu Ukadike, highlighting how deregulation allows market forces to determine prices. The association encourages its members to align with new market rates for competitiveness.
MRS Oil Nigeria Plc has implemented a nationwide petrol price of N935 following its partnership with Dangote Petroleum Refinery. The refinery reduced its ex-depot price to N899.50 per liter. MRS has established a monitoring system and provided channels for reporting non-compliant outlets.
Public response has been positive, with commuters expressing satisfaction at MRS stations. A commercial driver, Adio Ajibade, called the reduction “a great relief” during the festive season. Dr. Tunde Akanni, a public affairs analyst, noted that the collaboration between Dangote Refinery and MRS Oil represents progress toward improved fuel affordability and sustainability in Nigeria.
The new pricing strategy demonstrates the impact of increased competition in Nigeria’s deregulated petroleum sector, with potential long-term benefits for consumers.
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