NNPC matches Dangote, reduces petrol price to N860/litre

The Nigerian National Petroleum Company Limited (NNPCL) has lowered the pump price of Premium Motor Spirit (PMS) at its retail stations to N860 per litre, matching the price set by the Dangote Petroleum Refinery.

Tribune Online reports that Dangote Refinery a few days ago announced a reduction in its ex-depot petrol price from N890 to N825 per litre.

According to the refinery, the price adjustment aims to provide essential relief to Nigerians in anticipation of the upcoming Ramadan season while also supporting President Bola Ahmed Tinubu’s economic recovery policy by alleviating the financial burden on the populace.

In a similar development on Monday, a check by Tribune Online at some NNPC-owned outlets in Lagos revealed that petrol prices had been adjusted from the previous N945 per litre to N860 per litre, aligning with MRS filling stations, which sell Dangote-produced petrol at N860 in Lagos and N870 in other Southwestern states. 

Also, Tribune Online, who visited NNPC retail outlets in Ibadan on Tuesday, confirmed that a litre of fuel is being sold at N870 per litre.

Meanwhile, in Abuja, NNPC stations have also reduced petrol prices, though the adjustment differs from that in Lagos. Observations show that NNPC stations in the capital city now sell petrol at N880 per litre, down from N965 per litre.

At the NNPC outlet in Federal Housing, Kubwa, the price dropped by N85 per litre, with a pump attendant confirming that the reduction took effect on Monday afternoon.

This, however, is not the first time NNPC has adjusted petrol prices in response to reductions by Dangote Refinery. Since December 2024, Dangote Refinery has consistently revised its petrol prices downward.

According to observers, NNPC tends to respond to market pressure by adjusting its prices whenever Dangote alters its pricing structure.

ALSO READ: BREAKING: Dangote Refinery slashes ex-depot petrol price to N825/litre

Despite NNPC’s price cut, independent marketers have struggled to adjust their rates accordingly. A survey across stations in Abuja revealed that many have maintained previous prices or implemented only slight reductions.

Along Airport Road, Jabi, and Wuse, A.A. Rano reduced its price from N970 to N945 per litre, while Shema, opposite Dunamis Church, sold at N960 per liter. Bovas, on the same route, kept its price at N970 per liter. In Jabi, Mobil filling station adjusted its price to N960 per litre, while Conoil reduced its price to N950 per litre.

However, no official announcement has been made regarding the latest price reduction by NNPC as of the time of this report.

ALSO READ TOP STORIES FROM NIGERIAN TRIBUNE