The Nigerian National Petroleum Company (NNPC) Limited has announced a reduction in the price of premium motor spirit (PMS), popularly known as petrol, at its retail outlets in Lagos and Abuja.
According to NNPC, it now sells petrol as low as ₦880 per litre in parts of Lagos and ₦935 per litre in Abuja.
This marks a noticeable drop from previous rates in Lagos which hovered around ₦910 per litre.
Reports suggest that NNPC stations at key spots in Lagos, including Apple Junction and Idimu Road, adjusted prices downward. Similar claims were made about NNPC outlets in Abuja’s Lugbe and Kubwa districts.
The price shift comes just days after Dangote Refinery announced a reduction in its ex-depot price of petrol to ₦890 per litre.
On April 16, the refinery confirmed that its major distribution partners had adjusted retail pump prices to align with the new rate.
NNPC has now set a new retail price below that of Dangote Refinery, signaling that further price cuts from the private facility may be on the horizon.
Since its debut late last year, Dangote Refinery has typically positioned its prices slightly lower than NNPC’s, a trend that may continue in the coming days.
Petroleum product marketers in Nigeria say they are staring down huge financial losses following the recent drop in petrol pump prices nationwide.
Speaking on the development, Chinedu Ukadike, National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN), commended the downward adjustment in petrol gantry prices by Dangote Refinery but raised concerns over its impact on marketers with old stock.
“It is a good development for Nigerians; however, marketers with the old price stock will have to lose billions of naira. It is affecting marketers, but based on the naira-for-crude arrangement, the effect must be reflected in the pump price,” Ukadike said during an interview.
Findings by The PUNCH also suggest that import-dependent marketers, particularly members of the Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN), could lose as much as ₦466.62 million daily and close to ₦14 billion monthly if the trend persists.
The financial blow is attributed to the mismatch between their import costs and the current lower pump prices, especially as more competitive pricing from local suppliers like Dangote Refinery continues to shape the market.
