- NNPC lowers petrol price from N1,335 to N1,299 per litre, sparking competition in the oil market
- MRS filling stations recently cut petrol prices, prompting NNPC’s adjustment
- Dangote Refinery maintains Nigeria’s lowest ex-depot petrol price at N1,215 per litre
Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.
The Nigerian National Petroleum Company Limited (NNPC) has reduced the pump price of Premium Motor Spirit (PMS), commonly known as petrol, in a fresh move that is expected to intensify competition in Nigeria’s downstream oil market.
Checks across several NNPC retail outlets in Abuja showed that the state-owned oil company has lowered its petrol price from N1,335 per litre to N1,299 per litre, representing a N36 per litre reduction.
Credit: Novatis
Source: Getty Images
The new price has already taken effect at NNPC filling stations in Lugbe, Kubwa Expressway, Wuse Zone 3, and other parts of the Federal Capital Territory.
Price reduction follows MRS move
NNPC’s latest adjustment comes barely two days after Dangote Refinery-backed MRS filling stations slashed their petrol pump price by N40 per litre, bringing the retail price down to N1,265 per litre.
The move by MRS intensified competition among fuel marketers, placing pressure on other filling stations that had continued to sell petrol between N1,300 and N1,310 per litre.
Industry observers believe the latest reductions reflect the growing impact of market competition following the deregulation of the downstream petroleum sector.
Dangote offers Nigeria’s cheapest ex-depot petrol
While retail marketers continue to adjust pump prices, Dangote Petroleum Refinery has maintained the country’s lowest ex-depot petrol price.
Latest market data shows the refinery’s gantry price at N1,215 per litre, making it cheaper than every major private depot currently tracked across Lagos, Warri and Calabar.
The pricing has strengthened Dangote Refinery’s competitive position in the wholesale market, allowing marketers to source fuel at lower costs.
Private depots still selling higher
According to data compiled by Petroleumprice.ng, most major private depots in Lagos, including Aiteo, Ascon, Gulf Treasure, Nipco, Pinnacle, and Shema, are selling petrol at N1,216 per litre, slightly above Dangote’s price.
Ardova and Emadeb are offering petrol at N1,217 per litre, while MRS depot has the highest Lagos ex-depot price among the listed facilities at N1,222 per litre.
Credit: NurPhoto/Contributor
Source: Getty Images
Outside Lagos, the price gap is even wider. In Warri, depots such as Mainland, Sobaz, and Soroman are selling at N1,220 per litre, while Matrix has pegged its price at N1,225 per litre.
In Calabar, depot prices remain the highest. Sigmund is selling at N1,222 per litre, while A.Y.M Shafa, Nepal, and Optima are offering petrol at N1,228 per litre. Rain Oil tops the list at N1,230 per litre, leaving a N15 per litre gap between its price and Dangote Refinery’s ex-depot rate.
The widening price differences are expected to encourage more marketers to source products from Dangote Refinery, potentially leading to further reductions in pump prices across Nigeria as competition among retailers continues to intensify.
Depots cut petrol prices
Legit.ng earlier reported that Petrol depot owners have begun reducing the prices of Premium Motor Spirit (PMS) following Dangote Refinery’s decision to resume the sale of petroleum products in naira, offering a measure of relief to marketers, motorists and consumers across Nigeria.
The latest price adjustment comes despite the continued surge in global crude oil prices, which had recently pushed domestic petrol prices to fresh highs.
Global oil prices have remained strong in recent weeks due to supply concerns and geopolitical developments.
Source: Legit.ng