The Nigerian National Petroleum Company Limited (NNPCL) has reduced the retail price of petrol at its filling stations to N1,110 per litre, down from N1,170, as local refiners and independent marketers continue to adjust rates in response to falling global crude oil costs.
This latest cut follows Dangote Refinery’s reduction of its ex-depot price to N1,075 per litre. Several other major depots have also aligned or gone slightly lower, with Aiteo offering petrol at N1,074 per litre and operators such as African Terminal, AIPEC, Ascon, Heyden, Mao, Pinnacle, and Sahara selling at N1,075.
Retail Relief in Major Cities
The price adjustments have begun filtering down to consumers. In Abuja and surrounding areas, retail prices have dropped to between N1,150 and N1,205 per litre, compared to N1,317–N1,336 just three weeks ago. In Lagos, stations like MRS are now selling at N1,135 per litre, down from over N1,200 earlier.
Market Forces at Play
Chinedu Ukadike, Public Relations Officer of the Independent Petroleum Marketers Association of Nigeria (IPMAN), linked the reductions to movements in the international oil market.
“When there is a reduction in the international market, there will be a drop in petrol price,” he said. “Domestic reduction is equivalent to the price of crude oil in the market.”
Global benchmarks showed Brent crude at around $76 per barrel and West Texas Intermediate at $71, after easing from recent highs triggered by Middle East tensions.
Supply Assurance from Regulator
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has assured the public that there is sufficient stock of petroleum products to meet national demand. The agency urged motorists and businesses against panic buying or stockpiling, emphasising that supply remains stable.
The recent wave of price cuts reflects growing competition in Nigeria’s deregulated downstream sector, driven by increased local refining capacity and softening global crude prices. While consumers are enjoying some relief at the pumps, industry experts caution that any escalation in geopolitical tensions could quickly reverse the downward trend in fuel costs.
