Petrol Price Jumps to N955/Litre at Dangote Refinery
The Dangote Petroleum Refinery has increased the price of petrol to N955 per litre. This change comes into effect today, January 17, 2025, starting at 5:30 PM. The new pricing applies to bulk buyers purchasing between 2 million and 4.99 million litres. For those buying 5 million litres or more, the price is slightly lower at N950 per litre. READ ALSO: $225.8m Debt: court orders arrest of crude oil cargo linked to Obaigbena This marks a N55.5 increase from the discounted N899.50 per litre rate offered during December’s festive period. The refinery attributed the rise to higher global crude oil prices, which have impacted production costs. All pending orders and unsold stock will be subject to the revised rates.
NNPCL Reduces Petrol Price to N965 per Litre in Abuja
The Nigerian National Petroleum Company Limited (NNPCL) has implemented another reduction in the pump price of petrol at its retail outlets in Abuja, lowering the cost to N965 per litre. This adjustment comes shortly after a previous decrease from N1,060 to N1,030 per litre earlier this month. This marks the second time in two weeks that the state-owned oil company has revised petrol prices downward, signaling efforts to make fuel more affordable for consumers amid ongoing economic challenges. ALSO READ: FG Declares 3 Days of Christmas Holidays The new price was observed across NNPC’s outlets in the Federal Capital Territory, and customers have already begun to enjoy the reduced rate. Dangote Refinery Ltd led the price cut when it partnered MRS filling stations nationwide, December 21, 2024 to offer fuel at N935/litre as part of Christmas give away. Many residents have expressed relief at the development, as fuel costs have been a significant concern for households and businesses alike. While no official explanation has been provided for the price adjustment, it is speculated that recent changes in market dynamics and competitive pricing strategies could have influenced the decision.