Business
NNPC follows Dangote Refinery’s lead, slashes petrol price to N860 per litre
The Nigeria National Petrol Company (NNPC) Limited has slashed petrol price to ₦860 per litre, as competition in the sector heightens.
The development was confirmed by market survey conducted around Lagos.
The price cut by the NNPC comes just a few days after Dangote Refinery announced that it would absorb N16bn loss by refunding N65/litre to marketers so Nigerians will benefit from cheaper fuel.
In a statement issued over the weekend, the refinery said it will refund customers who purchase petrol at rates higher than the advertised prices from any of its key partners – AP (Ardova Plc), Heyden, or MRS – across Nigeria.
This move follows the refinery’s recent reduction of its gantry price from N890 per litre to N825 per litre.
The refinery stated that this is part of its ongoing efforts to ensure that Nigerians are the primary beneficiaries of the price reduction and that it is in line with President Bola Tinubu’s Renewed Hope Agenda, which aims to stimulate the economy.
“The step, effective February 27, 2025, guarantees that none of our valued business partners will experience a loss due to the price change. More importantly, it ensures that the new, lower rate takes immediate effect nationwide for the benefit of the Nigerian people,” the statement said.
In a swift move, however, the NNPCL also reduced its pump price to ₦860 per litre across its stations in Lagos state on Monday, sparking the continuing price war between the state oil company and independent oil marketers.
Oil marketers who spoke with Channels Television in confidence confirmed the price change, however, said the state oil company was yet to send an official memo to them concerning the new price.
The Dangote refinery and the NNPCL’s Port Harcourt refinery are currently the only petrol producers in Nigeria.
However, the NNPC recently said it still buys petrol from the Dangote refinery for its Lagos stations, as it is yet to import any fuel this year.
Dangote refinery announced another price cut last Wednesday, setting another price regime for the petrol market in Nigeria.
Lately, it was observed that the queues usually seen at NNPC stations have vanished to other private filling stations like MRS.
This was due to the price differential and the claim that the Dangote petrol lasts longer in fuel tanks than others.
