The Nigerian National Petroleum Company Limited (NNPC) has lowered the pump price of petrol at some of its retail outlets to ₦860 per litre, down from ₦945 per litre.
This adjustment follows a recent reduction in the ex-depot price by Dangote Refinery, which dropped from ₦890 to ₦825 per litre. The refinery also named MRS, AP, and Heyden as its partner filling stations in Lagos, offering prices ranging between N860 and N865 per litre.
A visit to some filling stations in Lagos confirmed the new pricing, though no official statement has been issued by NNPC Retail. Meanwhile, stakeholders say the reduction could be part of a market realignment driven by competition among major fuel suppliers.
The National Vice President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Hammed Fashola, confirmed the development, stating:
“It is true, NNPC is selling petrol at ₦860 in the filling stations. Though this has not been reflected on the portal, they told me they are working on updating the portal.”
Similarly, the National President of the Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN), Billy Gillis-Harry, noted: “They reduced the pump price earlier this morning but I’m yet to get the details.”
This price adjustment shows competition in Nigeria’s fuel sector. The recent price cut by Dangote Refinery, which has introduced different pricing structures across its partner stations, is seen as a move that could push other fuel marketers, including NNPC, to respond accordingly.
While many Nigerians welcome the lower fuel prices, questions remain about the sustainability of these reductions, especially given fluctuations in global crude oil prices and foreign exchange challenges.
For now, consumers are taking advantage of the price drop, but experts caution that unless long-term stability measures are put in place, fuel prices may continue to fluctuate in the coming months.
Energy policy analyst, Adeola Yusuf said “International crude oil prices are highly politicised and therefore, very volatile. Now that President Trump is threatening to increase the US crude oil reserve, it could push prices further down, leading to a downward review of petroleum product prices. So, it is a two-edged sword. For now, it favours consumers to the detriment of producers. Tomorrow, the table can turn.”
