Fuel Prices Fall as NNPC Sets Petrol at N900/Litre in Lagos, N940/Litre in Abuja

The Nigerian National Petroleum Company (NNPC) Limited has lowered the pump price of premium motor spirit (PMS), commonly known as petrol, at its retail outlets in Lagos and Abuja.

A survey on Thursday indicated that petrol now sells for N900 per litre in Lagos and N940 per litre in Abuja, representing a N10 drop in Lagos from the previous N910 per litre and a N5 reduction in Abuja from N945 per litre. The adjustment follows a price cut by Dangote Petroleum Refinery three weeks ago, which reduced its ex-gantry petrol price to N828 per litre, influencing nationwide market rates.

Earlier, on November 13, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) announced that the previously proposed 15% ad-valorem duty on imported petrol and diesel would no longer be applied.

“It should also be noted that the implementation of the 15% ad-valorem import duty on Premium Motor Spirit and Diesel is no longer in view,” NMDPRA stated.

President Bola Tinubu had initially approved the duty on October 21, but regulators later confirmed its reversal.