Abuja, Nigeria – Petroleum retailers and marketers have indicated that Nigerians can expect further reductions in the price of Premium Motor Spirit (PMS), commonly known as petrol, as the Nigerian National Petroleum Company Limited (NNPCL) and Dangote Refinery engage in a fresh price war. This follows the recent announcement by NNPCL of new petrol prices, set at N860 per litre in Lagos and N880 per litre in the Federal Capital Territory (FCT), Abuja, and other parts of the country.
DAILY MENTOR reports that NNPCL retail outlets along the Kubwa Expressway in Abuja, the Central Business District, opposite the company’s headquarters, and other locations have already adjusted their pump prices to reflect the new rate of N880 per litre. This development comes just six days after Dangote Refinery reduced its petrol price to N880 per litre at its partner outlets, including MRS filling stations and other retail points in Abuja.
The price adjustments have sparked a competitive pricing battle between NNPCL and Dangote Refinery, offering Nigerians the option to choose between the two suppliers based on price and convenience. Since February 2025, Dangote Refinery has maintained a competitive edge by selling petrol at lower prices compared to NNPCL.
In response to the ongoing price war, the National President of the Petroleum Retailers Outlets Owners Association, Billy Gillis-Harry, and his counterpart from the Independent Petroleum Marketers Association of Nigeria (IPMAN), Abubakar Maigandi, expressed optimism about further price reductions. They emphasized that the competition between NNPCL and Dangote Refinery is beneficial for Nigerians, particularly amid the rising cost of living.
Gillis-Harry described the situation as a "necessary business matrix" that has brought relief to many Nigerians. “The new price has been reflected on our portal. This price reduction will be a huge relief to many Nigerians struggling to make ends meet. The reduction in PMS prices is expected to positively impact Nigerians’ lives. We are engaging NNPCL to also bring down the petrol prices for the benefit of Nigerians and marketers,” he told DAILY MENTOR.
Maigandi echoed similar sentiments, highlighting the advantages of a deregulated downstream sector. “It is not surprising because Dangote petrol is selling at that rate. This is what we have been telling the government-to deregulate the sector. The price will start coming down. Investors have started coming. The reduction in petrol price means joy to Nigerians and marketers,” he said.
DAILY MENTOR recalls that the price war between NNPCL and Dangote Refinery began on September 15, 2024, when Dangote Refinery commenced its PMS rollout. The ongoing competition is expected to drive further price reductions, offering much-needed relief to consumers and signaling a positive shift in Nigeria’s downstream oil and gas sector.
As the price war intensifies, stakeholders are hopeful that the competition will lead to sustained reductions in fuel prices, ultimately benefiting Nigerians and boosting economic activities across the country.