NNPCL slashes petrol Price to ₦910 amid intensifying downstream price war

The Nigerian National Petroleum Company Limited (NNPCL) has again reduced the retail price of Premium Motor Spirit (PMS), popularly known as petrol, from ₦935 to ₦910 per litre. The price adjustment was observed on Saturday at several NNPCL outlets in the Federal Capital Territory, including Kubwa Expressway, Zone 4, and Gudu.

The ₦25 price cut comes less than two weeks after NNPCL last reviewed its pump price, reflecting the growing impact of competitive pricing in Nigeria’s petroleum downstream sector.

The price reduction has triggered a surge in vehicular traffic at NNPCL filling stations, as motorists scrambled to take advantage of the cheaper rates. Long queues were reported at several NNPCL outlets in Abuja, as consumers opted for the more affordable option in a market where prices have become increasingly volatile.

This move is widely seen as part of an ongoing price battle among major industry players, catalyzed by the recent intervention of Dangote Refinery, which slashed its ex-depot price of petrol to ₦835 per litre. The 650,000-barrel-per-day refinery also announced that its marketing partners — including MRS, Ardova (AP), Heyden, Optima Energy, Hyde, and Techno Oil — would sell petrol within the ₦890 to ₦920 range in Lagos, Abuja, and other major cities.

In response, NNPCL has moved to align with the market trend, with the latest price adjustment reinforcing its position as a key player in the ongoing shift in Nigeria’s fuel pricing landscape.

Market analysts note that while the new price may offer temporary relief to consumers, it underscores the broader restructuring underway in the petroleum downstream sector, as private refiners and marketers increasingly influence pricing dynamics.

Despite NNPCL’s cut, several independent filling stations across the country still retail petrol at prices ranging from ₦930 to ₦950 per litre, depending on location and supplier sources.

The situation marks a significant turning point in Nigeria’s post-subsidy fuel economy, where competition — not regulation — is now determining prices at the pump. Industry watchers will be monitoring closely to see how long this competitive pricing can be sustained and what long-term impact it will have on the market and consumers.