Nigeria’s fuel price competition intensified on Friday as NNPC Limited cut petrol prices to N865 in Lagos and N890 in Abuja, days after Dangote Refinery dropped its rate to N820.
The Nigerian National Petroleum Company Limited (NNPCL) has reduced petrol prices at its retail outlets to N865 per litre in Lagos and N890 in Abuja, deepening the ongoing pricing competition with Dangote Petroleum Refinery.
The cut, observed on Friday, August 15, came two days after Dangote Refinery reduced its ex-depot price to N820 per litre, representing a N30 drop from N850. NNPCL’s latest adjustment marks a N10 reduction from its previous rates of N875 in Lagos and N900 in Abuja.
However, checks showed that some NNPCL stations have yet to commence sales at the new prices due to unsold old stock. At NNPC Abule Ado, petrol was dispensed at N865, while in Kubwa, Abuja, it sold for N890.
The price adjustments follow earlier fluctuations this month, reflecting deregulated market conditions and global crude oil price movements. Some private outlets still sell above N930 per litre despite the recent cuts.