NNPC cuts petrol prices again in Lagos and Abuja, second reduction in five days
By Aboki Forex —
NNPC Limited has reduced petrol prices at its retail outlets in Lagos and Abuja for the second time in five days, as competition in Nigeria's downstream market and falling global crude prices push pump prices lower. The Lagos price dropped by N10 per litre, from N1,265 to N1,255, effective Friday, August 7, 2026.
In Abuja, NNPC trimmed its price by N36 per litre, from N1,335 to N1,299. The latest adjustments follow a series of cuts across the downstream sector, with Dangote Petroleum Refinery also slashing its ex-depot price a day earlier.
Dangote refinery cuts ex-depot price
On Tuesday, August 5, 2026, Dangote Petroleum Refinery reduced its ex-depot petrol price by N50 per litre, from N1,215 to N1,165. The Lekki-based refinery also cut the price of diesel by N80 per litre, from N1,650 to N1,570.
Dangote said improved operational efficiencies and favourable market conditions drove the decision. The company described the reduction as part of a broader commitment to making fuel more affordable for ordinary Nigerians and lowering energy costs for businesses.
In a statement, Dangote said: "Dangote Petroleum Refinery remains committed to ensuring stable supply while leveraging operational efficiencies to deliver value to consumers, businesses and stakeholders."
Global crude prices slide
The domestic price cuts come against sharp declines in international crude prices. Oil markets fell by more than 5% on Tuesday and continued sliding on Wednesday after traders responded to reports of diplomatic progress between the United States and Iran.
At the time of reporting, Brent crude was trading at $79.70 per barrel, down 5.23%, while the US benchmark, West Texas Intermediate, stood at $75.62 per barrel.
Private depots have also adjusted their petrol prices, but Dangote Refinery remains the cheapest place to buy petrol at N1,166 per litre, down from N1,215 previously. The latest depot price list shows PMS prices ranging from N1,166 to N1,182 per litre across the locations listed. Dangote Refinery and Pinnacle are currently the lowest-priced suppliers, while Liquid Bulk and Matrix recorded the highest price of N1,182 per litre.
Pressure on filling stations
The combined effect of NNPC's two price reductions and Dangote Refinery's lower ex-depot rate is expected to increase pressure on filling station operators to follow suit, though retail prices remain subject to variation by location and marketer. For Nigerian consumers, the size and pace of these cuts could bring some relief at the pump, especially if the trend in global crude prices continues.