Facing fierce competition in Nigeria’s downstream petroleum market, NNPC has reduced its ex-depot price for Premium Motor Spirit from N890 to N825 per litre.
Spokesperson Olufemi Soneye explained that the price adjustment is a routine response to shifting market forces under deregulation, and it is typically implemented without formal press releases.
In a similar move, Dangote Refinery cut its ex-depot price by N65 per litre on March 1, 2025, prompting adjustments in pump prices nationwide. Petrol now sells for N860 per litre in Lagos, with marginally higher rates in other regions.
Dangote Refinery stated that this reduction is designed to ease the financial burden on Nigerians during Ramadan and support President Bola Ahmed Tinubu’s economic recovery efforts.
The refinery’s ongoing commitment to lower petroleum costs has been evident in previous reductions, including cuts earlier in February 2025 and during December’s holiday season.
Both companies aim to ensure energy security and foster a competitive market environment, ultimately benefiting consumers by moderating fuel costs amid fluctuating global oil prices and local economic challenges. Analysts expect these moves to further stabilize market prices.
