The Nigerian National Petroleum Company Limited has reduced the pump price of premium motor spirit, popularly known as petrol, across its retail outlets in Lagos and Abuja. A recent survey shows that the price of petrol has fallen to N900 per litre in Lagos, down from N910, and N940 per litre in Abuja, down from N945. The latest adjustment represents a N10 reduction in Lagos and a N5 reduction in Abuja, bringing relief to motorists and businesses relying on fuel for daily operations.
The reduction comes three weeks after Dangote Petroleum Refinery cut its ex-gantry petrol price to N828 per litre, a move that has continued to influence nationwide market pricing. Analysts note that local refinery pricing, combined with regulatory adjustments, is helping to moderate retail fuel prices, which had remained high in recent months due to import dependency and supply chain challenges.
The price cut also follows the announcement by the Nigerian Midstream and Downstream Petroleum Regulatory Authority that the proposed 15 percent ad-valorem import duty on petrol and diesel would no longer be implemented. The duty had been initially approved by President Bola Tinubu on October 21, but its suspension has eased potential additional costs for consumers and petroleum marketers.
NNPC’s move reflects ongoing efforts by regulators and local refiners to stabilise fuel prices and make petrol more affordable for Nigerians. For small and medium-sized enterprises, the reduction offers immediate operational relief, as transport and logistics costs constitute a significant portion of their expenses.
Industry observers say that continued adjustments at both the refinery and retail levels could encourage more efficient distribution, improve access to fuel across urban and rural areas, and gradually reduce the strain on household budgets. With local refinery output now playing a greater role in the market, Nigerians may see more price flexibility in the coming months.
The latest reduction demonstrates a growing responsiveness in the downstream petroleum sector, signalling a shift towards more sustainable fuel pricing that balances market realities, local refining capacity, and consumer needs.
