The Nigerian National Petroleum Company Limited (NNPC Ltd) has reduced the price of petrol in its retail stations.
A PREMIUM TIMES correspondent observed Monday evening that NNPC Ltd outlets in the Central area of Abuja, the Federal Capital Territory, adjusted the pump price of petrol to N880 from N965.
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NNPC reduction comes days after Dangote reduced petrol prices.
Last Wednesday, Dangote Refinery announced that it had reduced the price of petrol sold to retailers from N890 per litre to N825 per litre. The company said the price adjustment is designed to provide essential relief to Nigerians in celebration of the Ramadan season.
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At one of the NNPC retail outlets in Kubwa, a pump attendant told this newspaper that the price was reduced on Monday afternoon.
At the NNPC station located in the Central Business District, the station manager confirmed the development to PREMIUM TIMES.
In Lagos, this newspaper observed that the price was reduced to N860 per litre.
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NNPC retail outlet along Idimu Road sold the product for N860 Monday afternoon.
NNPC Speaks
When PREMIUM TIMES contacted the NNPC Ltd spokesperson, Olufemi Soneye, he said since deregulation, the company has consistently adjusted prices in various areas in response to market dynamics.
He noted that these adjustments occur regularly, reflecting the influence of market forces.
“Since deregulation, we have consistently adjusted prices in various areas in response to market dynamics. As an energy company, it is not our practice to issue press releases or make public announcements for routine price adjustments at the pump, as such changes are a fundamental aspect of a market-driven system.
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“These adjustments occur regularly, reflecting the influence of market forces,” Mr Soneye said.
He said this is precisely the strength of NNPC Ltd’s approach that ensures and guarantees energy security for our nation while fostering an open, competitive environment where every Nigerian interested in the sector can participate freely and in line with established regulations.
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