THE price war in Nigeria’s petrol market has escalated as the Nigerian National Petroleum Company Limited (NNPCL) reduced the pump price of Premium Motor Spirit (PMS) to ₦860 per litre.
This follows a recent price cut by Dangote Refinery, aimed at making fuel more affordable for Nigerians.
A market survey conducted today confirmed the price adjustment across NNPCL filling stations in Lagos.
However, oil marketers revealed that while the price reduction is in effect, the state oil company has yet to issue an official memo regarding the change.
Dangote Refinery had earlier slashed its petrol price from ₦890 to ₦825 per litre and pledged to absorb a ₦16 billion loss by refunding marketers ₦65 per litre for fuel purchased above the advertised price.
The company stated that this move aligns with President Bola Tinubu’s Renewed Hope Agenda, which seeks to boost economic stability.
“The step, effective February 27, 2025, guarantees that none of our valued business partners will experience a loss due to the price change. More importantly, it ensures that the new, lower rate takes immediate effect nationwide for the benefit of the Nigerian people,” a statement from Dangote Refinery read.
The competition between Dangote Refinery and NNPCL’s Port Harcourt Refinery—currently Nigeria’s only local petrol producers—has intensified, with motorists increasingly opting for private filling stations like MRS due to claims that Dangote’s fuel lasts longer in vehicle tanks.
Despite its own price cut, NNPCL has admitted that it still sources petrol from Dangote Refinery for its Lagos stations, as it has yet to import fuel this year.
Meanwhile, queues that were once common at NNPC stations have shifted to independent marketers, reflecting shifting consumer preferences.
NNPCL spokesperson Olufemi Soneye has yet to respond to official inquiries on the development.