NNPC slashes petrol prices: Reveals new prices in Lagos and Abuja

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The Nigerian National Petroleum Company (NNPC) Limited has reduced the pump price of premium motor spirit (PMS), also known as petrol, at its filling stations in Lagos and Abuja. According to observations made on Monday, NNPC retail outlets sold the product for as low as N880 per litre in Lagos and N935 per litre in Abuja.

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The current price represents a ₦45 drop from the previous price of ₦925 per litre in Lagos and a ₦15 cut from the prior price of ₦950 per litre in Abuja. At specific NNPC filling stations, prices varied slightly: ₦880 per litre at the Apple Junction station in Lagos, ₦905 per litre at the Ago Palace branch, and ₦910 per litre at several other locations in Lagos, including Idimu Road and Ikotun Road. In Abuja, prices dropped to N935 per litre at the Airport Road, Lugbe, and the Federal Housing, Kubwa, stations.

This development follows closely after the Dangote refinery reduced the ex-gantry price of petrol to N890 per litre. As a result, key partners of the refinery reduced petrol pump prices to ₦890 per litre in Lagos from a previous price of ₦920 per litre, effective April 16. The price reduction is expected to bring relief to motorists and other petrol consumers in the country

The reduction in petrol prices by NNPC Limited and Dangote refinery is a welcome development for Nigerians who have been grappling with the high cost of living. The price cut will likely have a positive impact on the economy, particularly on the transportation sector, as it may lead to a reduction in transportation costs and prices of goods.

It remains to be seen how this development will affect the overall economy and whether other oil marketing companies will follow suit. However, for now, motorists and petrol consumers can breathe a sigh of relief as they enjoy the reduced prices at NNPC filling stations

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