The Nigeria National Petrol Company Limited (NNPCL) has slashed petrol price to N860 per litre.
The price cut by the NNPCL came just a few days after Dangote Refinery announced that it would absorb N16bn loss by refunding N65/litre to marketers so Nigerians will benefit from cheaper fuel.
Dangote Refinery over the weekend said it will refund customers who purchased petrol at rates higher than the advertised prices from any of its key partners – AP (Ardova Plc), Heyden, or MRS – across Nigeria. This move follows the refinery’s recent reduction of its gantry price from N890 per litre to N825 per litre.
NNPCL has also reduced its pump price to N860 per litre across its stations in Lagos state on Monday, sparking the continuing price war between the state oil company and independent oil marketers.
Oil marketers who spoke with Channels Television in confidence confirmed the price change, however, said the state oil company was yet to send an official memo to them concerning the new price.