NNPCL Reduces Petrol Price by N10 as Supply Reportedly Improves

The Nigerian National Petroleum Company Limited (NNPCL) has reduced the pump price of petrol as fuel supply from the Dangote Refinery stabilises.

On Saturday, NNPCL adjusted the retail price at its outlets from N955 to N945 per litre, reflecting a N10 reduction. The revised price has already taken effect at stations in areas such as Gwarimpa and Wuse Zone 4 in Abuja.

Other petrol marketers have also followed suit, with stations like Eterna adjusting their pump price to N945 per litre.

The price drop comes after weeks of nationwide increase caused by supply challenges at the Dangote Refinery. Improved distribution from the refinery and product importers has now eased the pressure on fuel supply.

However, there are concerns that prices could climb again, following President Bola Ahmed Tinubu’s recent approval of a 15% import tax on petrol and diesel, a move analysts say may impact pump prices in the coming weeks.