The Nigerian National Petroleum Company Limited (NNPCL) has reduced petrol prices to ₦890 per litre in Abuja and ₦865 per litre in Lagos, reflecting a ₦55 and ₦30 drop respectively from previous rates.

The price cut comes shortly after Dangote Refinery lowered its ex-depot price from ₦850 to ₦820 per litre, triggering competitive adjustments among major retailers. Industry experts say this move is a direct response to increased market pressure and falling global crude prices, which have eased importation costs.

Analysts believe the price competition between NNPCL and Dangote could help stabilise fuel costs in the short term, though long-term impacts will depend on crude price trends and local supply dynamics.