The Nigerian National Petroleum Company (NNPC) Limited has reduced the pump price of Premium Motor Spirit (PMS), also known as petrol, to ₦915 per litre in Lagos and ₦955 per litre in Abuja.
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Previously, the product was sold at ₦890 per litre in Abuja and ₦855 per litre in Lagos.
Checks ndicated that NNPC retail outlets now sell the product for ₦915 per litre in Lagos, marking a drop of ₦50 from the previous price of ₦965 per litre.
However, two NNPC filling stations on Ago Palace Way, Okota, were seen selling petrol at the new price of ₦915 per litre.
Meanwhile, five major oil marketers – Aiteo, AA Rano, Wosbab, Ibachem, and Sahara – have slashed their depot prices of PMS to ₦820 per litre, down from over ₦825 per litre, as competition intensifies in Nigeria’s deregulated downstream sector.
Further checks revealed that players in the domestic market are still actively competing among themselves, following the full deregulation of the sector.
Recently, Vanguard reported that the Dangote Petroleum Refinery was the first to reduce its gantry price to ₦820 per litre from over ₦830, following a drop in crude oil prices to $69 per barrel, down from over $70 per barrel.
According to data from the weekend edition of the Daily Oil and Gas Market Intelligence Report, the decision by marketers to reduce prices was largely influenced by the need to remain competitive.
The Chief Executive Officer of Petroleumprice.ng, Olatide Jeremiah, stated:
“The downstream sector has been unstable in recent times due to volatility in the global oil market. We should expect to see similar fluctuations in the domestic market. Indeed, competition will continue to drive prices downward. Dangote is likely to further reduce its prices to edge out private depots, especially in anticipation of August 15, 2025, when the refinery is expected to roll out 4,000 Compressed Natural Gas (CNG) trucks to all retail outlets and companies.”
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