The price war has brought relief to many Nigerians who have been struggling with rising living costs
Nigerians should expect more reductions in fuel prices amid market competition – PETROAN and IPMAN
Petroleum retailers and marketers have indicated that more decreases in the price of premium motor spirit are likely, as the Nigerian National Petroleum Company Limited (NNPCL) and Dangote Refinery enter into a new price competition following recent fuel price drops by both companies.
On Monday, NNPCL announced its new petrol prices of N860 and N880 per litre in Lagos and the Federal Capital Territory (Abuja), respectively, and at various stations across the country. The new pump price of N880 per litre has reportedly been reflected at NNPCL retail outlets along the Kubwa expressway in Abuja, as well as at their Central Business District location opposite the company’s headquarters and other sites.
Just six days prior, Dangote Refinery had lowered its petrol price to N880 per litre at its partner outlet, MRS filling station, and other stations in Abuja. This development has ignited a fresh petrol price war between NNPCL and Dangote Refinery, providing Nigerians with the option to choose between purchasing petrol from either of the two competitors.
Since February 2025, Dangote petrol has been sold at a more favorable price compared to NNPC. Billy Gillis-Harry, the National President of the Petroleum Retailers Outlets Owners Association, and Abubakar Maigadi, his counterpart at the Independent Petroleum Marketers Association of Nigeria, both stated that Nigerians should expect additional petrol price reductions due to the competition between NNPCL and Dangote Refinery.
Gillis-Harry emphasized that this situation places Nigerians in a beneficial position within the current market dynamics. He noted that the price war has brought relief to many Nigerians who have been struggling with rising living costs.
“The new price has been reflected on our portal,” he said. “This price reduction will be a significant relief to many Nigerians trying to make ends meet. The decrease in PMS prices is expected to positively impact the lives of Nigerians. We are in discussions with NNPCL to further lower petrol prices for the benefit of both consumers and marketers,” he stated per Daily Post
Maigandi added that the current events in the downstream oil and gas sector illustrate the advantages of deregulation. “It is not surprising that Dangote petrol is being sold at this rate. This is what we have been advising the government regarding the need to deregulate the sector. Once this happens, prices will begin to decline, and more investors will come in. The reduction in petrol prices signifies joy for both Nigerians and marketers,” he stated.
The price wars between NNPCL and Dangote Refinery commenced on September 15, 2024, when Dangote began rolling out its petrol sales. Read More
