The Nigerian National Petroleum Company Limited (NNPC) has reduced the price of Premium Motor Spirit (PMS) at its stations to N860 per litre, aligning with the pricing of Dangote Petroleum Refinery at MRS filling stations in Lagos. This adjustment marks a reduction from N945 per litre as of Sunday.
Industry insiders confirmed the price drop, with Independent Petroleum Marketers Association of Nigeria (IPMAN) National Vice President, Hammed Fashola, stating, “It is true, NNPC is selling petrol at N860 in the filling stations.” He added that the updated pricing had not yet been reflected on the official NNPC portal.
The reduction follows a recent move by Dangote Refinery, which cut its ex-depot price from N890 to N825 per litre. The rivalry between Dangote and NNPC in the Nigerian fuel market has intensified, with both parties responding to market shifts, further impacting fuel prices.
Fashola welcomed the price competition, but cautioned, “I just hope that they can sustain it. It will be good for everybody… The hardship is too much.”
The NNPC’s new price adjustments are visible at its stations in Lagos and Abuja, where the retail price dropped from N965 to N880 per litre. However, many independent marketers have yet to adopt the new rates, with some stations maintaining previous prices.