NNPC bows to competitors' pressure - reduces petrol pump price nationwide

The NNPCL recently disclosed that it had accumulated a staggering $6 billion in debt, adding further pressure to the already strained fuel market. [Getty Images]

In a strategic move influenced by market dynamics, the Nigerian National Petroleum Company Limited (NNPCL) has decreased the petrol pump price from ₦960 to ₦945 per litre at its retail stations, effective Thursday, February 13.

This decision aligns with recent industry trends, notably MRS Oil Nigeria Plc's announcement of a new petrol pump price of ₦925 per litre across all its filling stations in Lagos.

MRS detailed its regional pricing structure, setting petrol prices at ₦935 per litre in the South West, ₦945 per litre in the North, and ₦955 per litre in the South East.

These price adjustments are attributed to favourable developments in the global energy sector and a notable decline in international crude oil prices.

In a related development, Dangote Petroleum Refinery & Petrochemicals has announced a reduction in the price of diesel from ₦1,075 to ₦1,020 per litre.

The company stated that this move aims to better serve its customers and Nigerians in general.

These developments reflect a broader trend of price adjustments in Nigeria's petroleum sector, which is influenced by global market conditions and competitive pressures among domestic oil companies.

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