NNPCL reduces petrol price as Dangote Refinery supply stabilizes

The Nigerian National Petroleum Company Limited (NNPCL) has reduced the pump price of petrol by ₦10, following the resolution of recent supply challenges at the Dangote Refinery.

According to findings , the state-owned oil company adjusted its retail price from ₦955 to ₦945 per litre at its filling stations in Gwarimpa  and  Wuse Zone 4 , Abuja.

Other marketers, including Eterna Plc , have also aligned with the new rate, selling petrol at  ₦945 per litre  across the capital city.

The price cut comes as fuel supply across the country improves, aided by increased output from the Dangote Refinery and steady imports by petroleum marketers.

Just over two weeks ago, supply disruptions at the refinery had triggered a brief nationwide spike in petrol prices.

It will be recalled that President Bola Ahmed Tinubu recently approved a  15 percent import tax  on petrol and diesel, a policy move expected to affect future pump prices once fully enforced.