NNPC slashes petrol pump price to N910/litre in Abuja

NNPC slashes petrol pump price to N910/litre in Abuja

BY OLAIDE SHITTU

The Nigerian National Petroleum Company (NNPC) Limited has reduced the price of Premium Motor Spirit (PMS), also known as petrol, to N910 per litre from N935 per litre in Abuja.

However, the price adjustment has not yet been implemented in Lagos and other cities across Nigeria.

Meanwhile, Dangote Petroleum Refinery initiated the price adjustment last weekend, slashing the gantry price of petrol to N825 per litre from N835 per litre, as competition intensifies in the domestic market.

This follows a previous price reduction last month, when the 650,000 barrels per day refinery lowered the gantry price to N835 per litre from N865 per litre.

According to checks by Vanguard, the latest adjustment aims to provide customers with better value and consolidate Dangote’s leadership position in the domestic market.

According to Petroleumprice.ng, “With control over more than 50% of Nigeria’s fuel market, Dangote recently dropped its petrol price to ₦825 per litre. While the refinery hasn’t officially announced this, sources say it offers flexible deals to its bulk marketers, who now resell at ₦830 or slightly lower.

“This approach helps Dangote stay ahead of depot owners facing higher overheads.

“Dangote’s model has closed the price gap by ₦10 to ₦15, applying significant pressure on competitors.

“Nigeria’s fuel market is undergoing a transformation. Crude prices play a minimal role, while local strategies now dominate.

“Dangote’s growing market share stems from aggressive pricing and operational efficiency.

“Although consumers benefit in the short term, long-term effects may alter the country’s fuel supply landscape. As the price war continues, Dangote’s influence will likely expand, further straining smaller players.”