A fresh petrol price reduction by the Nigerian National Petroleum Company (NNPC) has taken many motorists by surprise, following new pump price adjustments in Lagos and Abuja.
The update, which came into effect this week, has drawn wide attention as consumers welcome the first notable relief in months.
Reports indicate that petrol now sells for N900 per litre in Lagos and N940 per litre in Abuja.
These rates represent a slight drop from previous prices, offering hope that the fuel market may be entering a more competitive phase.
Moreover, the reduction has already sparked renewed optimism among drivers who have struggled with rising costs.
According to findings from The Cable, the Apple Junction station in Lagos confirmed its new price at N900 per litre.
In addition, the NNPC outlet at Lugbe Airport Road in Abuja updated its price board to N940 per litre, showing full alignment with the latest directive from the national oil company.
The adjustment follows a key trigger in the market: the Dangote Petroleum Refinery’s decision to reduce its ex-gantry price to N828 per litre about three weeks ago.
Furthermore, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) announced that the proposed 15% ad-valorem duty on imported petrol and diesel is no longer under consideration.
The duty had earlier received presidential approval, however regulators now say it will not be implemented after fresh reviews.
Chinedu Ukadike, spokesperson for the Independent Petroleum Marketers Association of Nigeria (IPMAN), said the trend could continue.
He explained that suppliers appear to be entering a price war that may favour consumers.
“More declines are possible if current market competition remains strong,” he added.
Meanwhile, many Nigerians hope the petrol price reduction will ease transport expenses as the year winds down.
Therefore, transport operators, small businesses and daily commuters expect the new pricing trend to boost affordability and offer some stability after months of uncertainty.
