The Nigerian National Petroleum Company Limited has cut the pump price of petrol from N1,335 to N1,299 per litre, a reduction of N36 that is already being felt at its filling stations in Abuja and other locations.
The new rate has taken effect at NNPC retail outlets in Lugbe, along the Kubwa Expressway, in Wuse Zone 3 and across other parts of the Federal Capital Territory.
Fresh Pressure After MRS Price Cut
The adjustment follows a N40 reduction by MRS filling stations, which are backed by Dangote Refinery, just two days earlier. MRS lowered its retail price to N1,265 per litre, putting pressure on other marketers who had been selling between N1,300 and N1,310 per litre.
Industry observers say the successive cuts highlight the impact of competition in the deregulated downstream petroleum market. More retailers are now adjusting their pump prices to remain competitive.
Dangote Holds Lowest Ex-Depot Rate
Dangote Petroleum Refinery continues to offer the lowest ex-depot petrol price in the country at N1,215 per litre. Its gantry rate is cheaper than those of all major private depots currently tracked in Lagos, Warri and Calabar.
In Lagos, most private depots including Aiteo, Ascon, Gulf Treasure, Nipco, Pinnacle and Shema are selling at N1,216 per litre, just N1 above Dangote. Ardova and Emadeb are at N1,217, while the MRS depot quotes the highest Lagos ex-depot price among the listed facilities at N1,222.
Outside Lagos the gap widens. In Warri, Mainland, Sobaz and Soroman sell at N1,220, while Matrix is at N1,225. In Calabar, Sigmund is at N1,222; A.Y.M. Shafa, Nepal and Optima are at N1,228; and Rain Oil leads at N1,230, creating a N15 difference from Dangote’s rate.
Outlook for Consumers
The growing price differences are expected to encourage more marketers to source products from Dangote Refinery. This could lead to further reductions in pump prices nationwide as competition deepens.
The trend is unfolding even as global crude oil prices remain elevated due to supply concerns and geopolitical developments. For motorists and businesses, the successive cuts offer some relief at the pump and could help moderate transport fares and broader consumer prices in the weeks ahead.
