The Nigerian National Petroleum Company (NNPC) Limited has lowered petrol pump prices at its retail stations, with the cost dropping to ₦895 per litre in Abuja and ₦865 per litre in Lagos.
This move indicates increasing competition within Nigeria’s deregulated downstream petroleum market.
This reduction follows a similar action by Dangote Petroleum Refinery, which on July 8, cut its ex-depot price of petrol from ₦840 to ₦820 per litre.
This is the second price drop in two weeks for the privately owned refinery, which had previously reduced its price from ₦880 to ₦840 per litre.
As of Wednesday, NNPC outlets in areas like Igando Road in Lagos and Kubwa in Abuja displayed these new prices, representing a ₦15–₦20 cut from their previous rates of ₦910 (Abuja) and ₦885 (Lagos).
These adjustments occur amid growing pressure from independent marketers and regulators to standardize pricing and ensure stable supply nationwide.
Anthony Chiejina, spokesperson for Dangote Group, attributed the refinery’s price reduction to recent volatility in the global oil market, particularly a 12-day crisis in the Middle East that caused crude oil prices to rise.
He stated that the price cut aims to stabilize the local market and maintain competitiveness in supply.
Chiejina confirmed that major and independent marketers, including MRS, Heyden, AP, Hyde, Optima, and Techno Oil, are now reflecting Dangote’s new pricing.
He also noted that more distributors, such as TotalEnergies, Jezco Oil, N.U. Synergy, and Virgin Forest Energy, have joined the refinery’s domestic distribution network.
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