By Gabriella Ogbu
The price of petrol has dropped to N965 per litre at Nigerian National Petroleum Company Limited (NNPCL), retail outlets in Abuja, marking a significant reduction from the previous N1,060 earlier this month.
The new price, implemented on Monday, sparked long queues at major NNPC stations such as those in Wuse Zone 4 and the Central Area, as commuters rushed to benefit from the lower rates.
“I bought at N965 this morning, but the queue was too long, likely because other stations are selling at higher prices,” a driver noted.
While NNPC stations have adjusted their prices, independent and major marketers continue to sell petrol at rates ranging from N1,030 to N1,070 per litre.
This development coincides with an announcement by the Independent Petroleum Marketers Association of Nigeria (IPMAN), that petrol prices will drop further to N935 per litre following a pricing agreement with Dangote Petroleum Refinery.
IPMAN’s National President, Maigandi Garima, stated that the refinery’s reduced ex-depot price will enable marketers to adopt the new rates while covering logistics costs.
