NNPC Slashes Petrol Price to N860/Litre Amid Fierce Competition with Dangote

By Iyojo Ameh

The Nigerian National Petroleum Company Limited (NNPC) has announced a reduction in the pump price of Premium Motor Spirit (PMS), commonly known as petrol, to N860 per litre, in what appears to be a response to an ongoing price war with private marketers, particularly Dangote Petroleum Refinery.

The new price, which took effect on Monday, represents a decrease from the previous average of N920 per litre, offering some relief to Nigerians struggling with the high cost of living.

This move comes shortly after Dangote Petroleum Refinery and Petrochemicals Limited slashed its ex-depot price from N890 per litre to N825 per litre, making its second price reduction in February.

Dangote also announced partner off-takers in Lagos, with MRS selling at N860 per litre, while AP and Heyden stations offer petrol at N865 per litre.

The price cuts have intensified competition in the fuel market, prompting independent marketers and major petroleum dealers to adjust their rates.

However, while many Nigerians welcome the reduction, concerns remain over its sustainability.

“This is good news, but we hope it’s not just a temporary move to calm the public,” said Adeola Ogunleye, a commercial bus driver in Lagos. “Fuel prices have been too high for too long, and we need lasting solutions.”

As fuel pricing dynamics continue to evolve, industry analysts are closely monitoring how the battle between NNPC and Dangote will shape the market in the coming weeks.