The Nigerian National Petroleum Company (NNPC) Limited has reduced the price of petrol at its retail outlets to N865 per litre in Lagos and N890 per litre in Abuja, representing a N10 cut in both cities.
This price adjustment follows a previous reduction on August 6, when the NNPC lowered petrol prices to N875 per litre in Lagos and N900 in Abuja.
Notably, the Dangote Petroleum Refinery had recently decreased its petrol price to N820 per litre, starting the deployment of 4,000 compressed natural gas-powered trucks for fuel distribution nationwide.
The NNPC’s price cut is expected to provide relief to consumers grappling with rising fuel costs.
However, industry observers suggest that a price war may be looming between NNPC and Dangote Refinery, as NNPC’s price is now only N45 higher than Dangote’s rate.
Meanwhile, independent marketers are adopting a cautious approach, selling existing fuel stock at a loss to stay competitive before restocking at the new rates.
