The Nigerian National Petroleum Company (NNPC) Limited has reduced petrol prices by N5-N10 per litre in Lagos and Abuja, following Dangote Refinery’s price cut and the reversal of a 15% import duty by NMDPRA.
Petrol prices continued to ease on Thursday as TheCable observed a drop to N900 per litre in Lagos and N940 in Abuja, following reductions of N10 and N5 by the national oil company from previous levels of N910 and N945 per litre. The new retail prices were recorded at outlets such as the Apple Junction station on Ago Palace Way in Lagos and Lugbe airport road in Abuja.
This comes three weeks after the Dangote Petroleum Refinery cut its ex-gantry petrol price to N828 per litre, influencing market adjustments. The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) also confirmed that “the implementation of the 15% ad-valorem import duty on imported Premium Motor Spirit and Diesel is no longer in view,” despite the duty having been approved by President Bola Tinubu on October 21.