NNPC Reduces Petrol Price Below Dangote and MRS Rates: Effective Date and Details

In a significant move aimed at reducing the financial burden on Nigerians, the Nigerian National Petroleum Company Limited (NNPCL) has announced a cut in the ex-depot price of petrol to ₦899 per litre. This new price point positions NNPCL’s rate below that of Dangote Refinery and MRS Oil, both of which have set their retail prices at ₦935 per litre.

Effective Date:

The new pricing structure will take effect within the week, with the Independent Petroleum Marketers Association of Nigeria (IPMAN) confirming that the reduced pump price of ₦935 per litre will be implemented starting Monday, December 24, 2024.

Implications for Consumers:

This price reduction is expected to bring relief to many Nigerians, potentially lowering transportation costs and reducing the prices of goods and services that rely on fuel. It also reflects the growing competition in Nigeria’s downstream oil sector, as market-driven pricing becomes more prominent.

Conclusion:

The NNPCL’s decision to lower petrol prices below those of Dangote Refinery and MRS Oil is a major shift in Nigeria’s oil industry, reflecting a more competitive and consumer-friendly approach. With the new prices set to be visible at filling stations nationwide within days, Nigerians can expect immediate benefits.

What do you think about this price reduction? Will it ease the pressure on Nigerians, or do you foresee other challenges? Clap if you found this information useful, and share your t

houghts in the comments below—I’m interested to hear your views on the matter!