Fuel price to crash further – PETROAN, IPMAN tell Nigerians

Nigerians should anticipate further reductions in petrol prices as the Nigerian National Petroleum Company Limited (NNPCL) and Dangote Refinery continue their competitive pricing strategies in the downstream oil sector.

On Monday, NNPCL announced new petrol prices, pegging the cost at N860 per litre in Lagos and N880 per litre in Abuja and other locations nationwide. This adjustment comes amid a heated price competition between the state-owned oil giant and the privately owned Dangote Refinery.

A visit to NNPCL retail outlets along the Kubwa expressway in Abuja, the Central Business District opposite the company’s headquarters, and other locations confirmed the new pump price of N880 per litre.

Barely six days earlier, Dangote Refinery had lowered its petrol price to N880 per litre at its partner fuel outlets, including MRS filling stations in Abuja. The move ignited a fresh price war between the two oil giants, leaving Nigerians with the option of choosing between NNPCL and Dangote outlets for their petrol supply.

Since February 2025, Dangote Refinery has offered petrol at a relatively lower price compared to NNPCL, prompting increased competition in the sector.

Reacting to the development, the National President of the Petroleum Retailers Outlets Owners Association of Nigeria (PETROAN), Billy Gillis-Harry, and the Independent Petroleum Marketers Association of Nigeria (IPMAN) President, Abubakar Maigadi, assured Nigerians that more price reductions could follow due to this rivalry.

Gillis-Harry described the ongoing competition as a positive market trend that benefits consumers, emphasizing that the pricing battle has provided relief to Nigerians struggling with the high cost of living.

“The new price reduction will be a huge relief to many Nigerians. We are also engaging NNPCL to further lower petrol prices for the benefit of both consumers and marketers,” he stated.

Similarly, Maigadi highlighted that the price war underscores the advantages of deregulation in the downstream oil sector.

“This is exactly why we have advocated for full deregulation. With competition, prices will continue to decline as investors enter the market. This price reduction is a win for both Nigerians and petroleum marketers,” he said.

The price war between NNPCL and Dangote Refinery first emerged on September 15, 2024, when the latter commenced the rollout of premium motor spirit (PMS). The ongoing competition has since intensified, paving the way for potentially lower fuel costs in the future.