NNPCL reduces petrol price to ₦835 per litre

The Nigerian National Petroleum Company Limited (NNPCL) has reduced the pump price of Premium Motor Spirit (PMS), commonly known as petrol, to about ₦835 per litre across major cities nationwide.

The new price marks a significant drop from the previous ₦915 per litre, bringing some relief to motorists amid ongoing concerns over fuel costs. Checks at NNPCL retail outlets in Lagos showed petrol selling between ₦838 and ₦840 per litre in areas such as Igando, Lekki, and Iwaya..

The latest price cut follows increased competition in the downstream sector, particularly from the Dangote Refinery, which has been lowering fuel prices in a bid to expand its market share.

A source from the petroleum sector said, “NNPCL’s price adjustment is a direct response to the competitive pricing strategies adopted by Dangote and other private marketers.”

Analysts attribute the development to broader changes within the downstream petroleum market, driven by increased domestic refining capacity and declining ex-depot prices.

Independent marketers, including MRS, BOVAS and AA Rano, have also revised their pump prices in Abuja, with petrol now selling between ₦739 and ₦865 per litre. At the same time, private depots such as Dangote are reported to have reduced ex-depot prices to between ₦699 and ₦800 per litre.

Industry observers have described the reduction as “a welcome relief for consumers,” particularly as increased travel demand typically accompanies the festive season.

The development underscores a growing shift toward market-responsive pricing in Nigeria’s fuel sector, gradually reducing the country’s long-standing dependence on imported petroleum products.

However, experts warn that petrol prices remain “highly sensitive to fluctuations in global crude oil prices, exchange rates, and local refinery output,” suggesting that further price changes could occur in either direction.

The ongoing price war triggered by Dangote’s aggressive pricing strategy continues to reshape the industry, with stakeholders calling for improved transparency and open access to sustain downward pressure on fuel costs.

On December 12, it was reported that Dangote Petroleum Refinery reduced the ex-depot price of Premium Motor Spirit (PMS), cutting its petrol gantry rate from ₦828 to ₦699 per litre.

It was also reported that the new price took effect on December 12, 2025, marking the 20th petrol price adjustment announced by the refinery this year alone.

(SAHARA REPORTERS)