NNPC cuts petrol price to N1,299 as MRS and depot competition heats up
By Aboki Forex —
The Nigerian National Petroleum Company Limited has reduced the pump price of petrol from N1,335 to N1,299 per litre, a N36 cut that is already changing prices at filling stations in Abuja and beyond. The new price has taken effect at NNPC retail outlets in Lugbe, Kubwa Expressway, Wuse Zone 3, and other parts of the Federal Capital Territory.
Fresh competition after MRS slash
The adjustment comes barely two days after Dangote Refinery-backed MRS filling stations cut their petrol price by N40 per litre, bringing the retail price down to N1,265. That move intensified pressure on other marketers, many of whom had been selling between N1,300 and N1,310 per litre.
Industry observers say the latest reductions reflect the growing impact of competition following the deregulation of the downstream petroleum sector. More retailers are now adjusting their pumps to match market realities.
Dangote keeps the lowest ex-depot price
Dangote Petroleum Refinery has maintained the country's lowest ex-depot petrol price at N1,215 per litre, according to latest market data. Its gantry price is cheaper than every major private depot currently tracked across Lagos, Warri, and Calabar.
In Lagos, most major private depots, including Aiteo, Ascon, Gulf Treasure, Nipco, Pinnacle, and Shema, sell at N1,216 per litre, just N1 above Dangote. Ardova and Emadeb are selling at N1,217 per litre, while MRS depot has the highest Lagos ex-depot price among listed facilities at N1,222 per litre.
Outside Lagos, the gap is wider. In Warri, Mainland, Sobaz, and Soroman sell at N1,220 per litre, while Matrix is at N1,225. In Calabar, Sigmund is selling at N1,222 per litre, while A.Y.M Shafa, Nepal, and Optima are at N1,228. Rain Oil tops the Calabar list at N1,230 per litre, leaving a N15 gap between its price and Dangote's ex-depot rate.
What this means for consumers and the naira
The widening price differences are expected to push more marketers to source products from Dangote Refinery, potentially leading to further reductions in pump prices across Nigeria as competition continues. This comes even as global crude oil prices remain strong due to supply concerns and geopolitical developments. For motorists and businesses, the trend points to some relief at the pump, and lower fuel costs could ease pressure on transport fares and consumer prices in the weeks ahead.