The Nigerian National Petroleum Company Limited (NNPC) has lowered the pump price of petrol at its filling stations to N860 per litre. This adjustment aligns with the price set by the Dangote Petroleum Refinery.
Reports confirm that some NNPC retail outlets in Lagos made the change on Monday, reducing the price from N945 per litre. This follows Dangote Refinery’s recent decision to cut its ex-depot price from N890 to N825 per litre.
Although the NNPC has not made an official announcement, industry sources have confirmed the price reduction. The Vice President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Hammed Fashola, stated, “NNPC is selling petrol at N860 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 President of the Petroleum Products Retail Outlet Owners Association of Nigeria, Billy Gillis-Harry, confirmed the price adjustment but said he was waiting for more details.
Since Dangote Refinery entered the market, petrol prices have been changing frequently. The refinery’s price cuts have led NNPC to lower its rates as well. As a result, queues at NNPC stations have disappeared, with many customers now preferring private stations like MRS, which sell Dangote petrol.
Before Dangote Refinery began operations, NNPC controlled petrol prices in Nigeria. However, industry reports indicate that Dangote’s 650,000 barrels-per-day refinery has changed the market. It has reduced NNPC’s dominance and affected fuel prices in the Atlantic Basin.
Currently, Dangote Refinery and NNPC’s Port Harcourt refinery are the main petrol producers in Nigeria. The NNPC has confirmed that it buys fuel from Dangote Refinery for its Lagos stations.
Speaking on the ongoing price competition, IPMAN Vice President Fashola described it as a positive development but warned against using it to drive out competitors.
“I just hope that they can sustain it. I pray it will not be a way of eliminating competitors. So, I pray that we sustain it. If we can sustain it, it’s good for everybody. It will be good for the public and everyone will be happy to have PMS at a reduced rate, because the hardship is too much,” he said.
Meanwhile, Dangote Refinery has announced a refund of N65 per litre to marketers who bought petrol at a higher price before the recent reduction.
In Abuja, NNPC has also lowered its petrol price to N880 per litre at its stations. However, independent marketers are struggling to match these reductions. Some stations in the city have made small adjustments, while others have kept their old prices or stopped selling altogether.
