Petrol Price Will Further Drop – IPMAN Predicts Amid Dangote, NNPC ‘War’

Petroleum retailers and marketers have indicated that Nigerians may see further reductions in the price of premium motor spirit, as the Nigerian National Petroleum Company Limited (NNPCL) and Dangote Refinery have initiated a new price competition following recent fuel price decreases by both entities.

Naijaonpoint reported that NNPC announced its updated petrol prices on Monday, setting the price of petrol per litre at ₦860 and ₦880 in Lagos, the Federal Capital Territory, Abuja, and nationwide.

Reports revealed that the NNPCL retail stations along the Kubwa expressway in Abuja and the Central Business District near the company’s headquarters have begun displaying the new pump price of ₦880 per litre.

It is worth noting that just six days prior, Dangote Refinery had reduced its petrol price to ₦880 per litre at its partner fuel outlet, MRS filling station, and other stations in Abuja.

This situation has ignited a renewed price competition between NNPCL and Dangote Refinery.

As a result, Nigerians now have the option to purchase petrol from either NNPCL or Dangote retail outlets amidst this price rivalry.

It is important to remember that since February 2025, Dangote petrol has been offered at a more competitive price compared to NNPC.

Remarking on the developments, the President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Abubakar Maigadi, said what is happening in the downstream oil and gas sector is the beauty of deregulation.

He predicted that the price of petrol would plummet further.

“It is not surprising because Dangote petrol is selling at that rate.

“This is what we have been telling the government to deregulate the sector. The price will start coming down. Investors have started coming.

“The reduction in petrol price means joy to Nigerians and marketers,” Maigadi told Daily Post.

It is worth noting that the price war between NNPCL and Dangote Refinery started on September 15, 2024, when the latter kicked off the PMS rollout.

Earlier, the National President of the Petroleum Retailers Outlets Owners Association, Billy Gillis-Harry, expressed that consumers can anticipate further reductions in petrol prices due to the ongoing competition between NNPCL and Dangote Refinery.

According to Gillis-Harry, Nigerians are in an advantageous position in what he described as a necessary business matrix between NNPCL and Dangote Refinery.

He stressed that the war has brought smiles to the faces of Nigerians battered by the rising cost of living.

“The new price has been reflected on our portal.

“This price reduction will be a huge relief to many Nigerians struggling to make ends meet.

“The reduction in PMS prices is expected to positively impact Nigerians’ lives.

“We are engaging NNPCL to also bring down the petrol prices for the benefit of Nigerians and marketers,” Gillis-Harry told journalists.