NNPC Slashes Petrol Pump Prices Again, Lagos Drops to N1,170 and Abuja to N1,210
By Aboki Forex —
The Nigerian National Petroleum Company Limited (NNPCL) has reduced its retail pump price of Premium Motor Spirit (PMS) for the second time in as many weeks. In Lagos, the price dropped from N1,210 to N1,170 per litre, while motorists in Abuja now pay N1,210 per litre, down from N1,260.
The latest cut follows a reduction less than a week ago when NNPC slashed petrol prices from N1,295 to N1,210 per litre in Lagos and from N1,335 to N1,260 per litre in the Federal Capital Territory. The changes reflect shifts in the global crude oil market and falling ex-depot prices.
Competition Intensifies Among Marketers
Many independent and major marketers have also reduced their pump prices as competition heats up in Nigeria's downstream market. The price cuts come after marketers began buying petrol at lower rates from depots. For instance, Integrated, Ascon, Sahara, Bono, and African Terminal supplied petrol at N1,120 per litre, while Pinnacle and Techno Oil supplied at N1,121 per litre. These lower depot costs make it easier for retailers to pass savings to consumers.
NNPC retail stations in Lagos, Abuja, and some other locations have adjusted to N1,170 and N1,210 per litre, according to Petroleumprice.ng reports. The latest adjustment is expected to increase competitive pressure on oil marketers, driving them to woo customers and retain market share.
Government Backs Price Cuts Amid Deregulation
The federal government has urged marketers to bring down domestic pump prices whenever global oil prices decline. Although petrol prices in Nigeria are determined by market dynamics under the deregulated system, the government says it has a responsibility to protect consumers. Market experts are optimistic that the latest reduction by NNPC could trigger another round of downward reviews by competing oil marketers within the week.
In a related development, the National Bureau of Statistics (NBS) reported that the average retail price of Automotive Gas Oil (AGO), commonly known as diesel, surged by 86.40% year-on-year to N3,277.47 per litre in May 2026. This figure rose from N1,758.26 per litre in May 2025. On a month-on-month basis, diesel prices climbed 32.44% from N2,474.69 per litre in April 2026.
What This Means for Nigerians
The back-to-back petrol price cuts provide some relief for consumers facing high living costs. With competition among marketers intensifying and depot prices falling, further reductions at the pump could ease pressure on household budgets and transportation costs in the weeks ahead.