The Nigerian National Petroleum Company (NNPC) Limited has reduced petrol prices at its filling stations, days after Dangote Refinery disrupted the market with its own price cut.
It was reported that NNPC now sells Premium Motor Spirit (PMS), popularly known as petrol, for N880 per litre in Lagos and N935 per litre in Abuja, a marginal drop that still leaves many Nigerians struggling under the weight of brutal economic hardship.
Visits to NNPC’s station at Apple Junction, Lagos, on Monday revealed a new price tag of N880 per litre, a N45 reduction from the previous N925 per litre. But not all outlets got the memo — or chose to act on it, The Cable reports.
In same Lagos, NNPC’s Ago Palace outlet still sold at N905, while other branches on Idimu and Ikotun roads clung to N910 per litre.
In Abuja, the price drop was even less impactful. The NNPC stations at Airport Road, Lugbe, and the Federal Housing area in Kubwa were dispensing petrol at N935 per litre, only N15 lower than the previous rate of N950.
This shift follows closely on the heels of the Dangote Refinery’s announcement that it had reduced the ex-depot price of petrol to N890 per litre, triggering ripple effects across the downstream sector.
As of April 16, Dangote’s partners adjusted pump prices in Lagos from N920 to N890 per litre.
Earlier this month, the Federal Executive Council issued a directive for the full implementation of the suspended Naira-for-Crude agreement with local refiners, a move that will enhance Nigeria’s energy security and reduce reliance on foreign exchange.
This update was shared by the Ministry of Finance via its official X handle, under the title “Update on the Crude and Refined Product Sales in Naira Initiative.”
The first phase of the deal, which involved the Federal Government, Nigerian National Petroleum Company Limited, and Dangote Petroleum Refinery, ended on March 31, 2025.
The deal, however, has not been renewed, leading to Dangote Refinery halting its sales of refined petroleum products in naira.
