- NNPC Retail outlets in Lagos are selling petrol at N1,205 per litre, undercutting most other filling stations across the country
- Depot prices fell at several locations on August 14, with Dangote Refinery offering petrol at N1,166 per litre in Lagos
- Motorists buying 50 litres at the cheapest NNPC outlet could save up to N2,250 compared with stations charging N1,250 per litre
Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
Motorists at certain NNPC Retail outlets are paying noticeably less for petrol than customers at competing filling stations, as pump prices continue to edge lower following a drop in depot costs across multiple cities.
The NNPC outlet along Awolowo Road in Lagos is currently selling petrol at N1,205 per litre, well below the N1,230 to N1,250 range that most other filling stations are charging.
Photo: AFP
Source: Getty Images
The state-owned company’s outlet at Ushafa Bridge in Abuja sells at N1,250 per litre, reflecting price differences even within NNPC’s own retail network.
Prices at other major marketers show a tight clustering in the mid-to-upper end of the range. First Royal sells at N1,230 per litre, TotalEnergies at N1,232, and Mobil at N1,234.
Conoil and MRS charge N1,236 and N1,238 respectively, while Rainoil quotes N1,240. NIPCO sells at N1,246 and Oando at N1,248 per litre.
The current figures mark a significant fall from the previous average of about N1,310 per litre, offering some relief to motorists and commercial transport operators.
Depot Prices Across Key Locations
Petrol depot prices recorded on August 14 showed reductions across Lagos, Port Harcourt, Calabar and Warri.
In Lagos, Dangote Refinery’s depot price came in at N1,166 per litre, down N2 from the previous rate.
Petroluemprice.ng reports that MRS quoted N1,167, while 11 PLC and Nipco both sold at N1,170. Aiteo sold at N1,175, and several other suppliers including African Terminal, Ardova, Bono, Pinnacle and Pivot were mostly around N1,180. Integrated quoted N1,179, representing an N11 reduction.
In Port Harcourt, Bulk Strategic, Liquid Bulk and Sigmund each sold at N1,197 per litre, with Bulk Strategic and Liquid Bulk each down N8. Matrix sold at N1,205, a N7 reduction.
In Calabar, Fynefield and Hong Petroleum both sold at N1,180 per litre, each down N18. Jenny quoted N1,182, Mainland at N1,190, Northwest and Sobaz at N1,183, and Soroman at N1,180 after an N18 cut.
In Warri, Matrix, Nepal and Parker all quoted N1,205 per litre, with Parker reducing its price by N10.
Photo: Nurphoto
Source: Getty Images
What the Price Gap Means for Buyers
For a motorist in Lagos purchasing 50 litres at the N1,205 NNPC Awolowo outlet, the saving works out to N1,250 compared with a station selling at N1,230, and N2,250 compared with a station charging N1,250.
The closing gap between depot and retail prices points to growing competition among marketers as they respond to lower supply costs.
Pump prices can still vary widely between outlets within the same city depending on location, transport logistics and individual supply arrangements.
Petrol supply
Earlier, Legit.ng reports indicate that the Dangote Petroleum Refinery confirmed its ability to meet Nigeria’s fuel needs, highlighting a daily petrol supply capacity of 75 million litres, exceeding the estimated national demand of 50 million litres.
The refinery also stated it could produce 25 million litres of diesel daily, surpassing the estimated demand of 14 million litres, along with 20 million litres of aviation fuel, well above domestic consumption.
According to the company, this surplus capacity is expected to stabilise the market, reduce dependence on imports, and strengthen the country’s downstream fuel supply chain
Source: Legit.ng