NNPC’s petrol now N860/litre as price war rages on

The Nigerian National Petroleum Company Limited (NNPC) has announced a reduction in the pump price of Premium Motor Spirit (PMS), commonly known as petrol, to N860 per litre.

The price cut comes amid a growing price war between major marketers and independent petroleum dealers, as well as fluctuations in global crude oil prices.

The new pricing, which took effect on Monday, represents a significant decrease from the previous average of N920 per litre, offering relief to millions of Nigerians struggling with the rising cost of living.

As the country’s largest fuel supplier, NNPC’s reduction has triggered a wave of competitive pricing among private marketers.

Last week, Dangote Petroleum Refinery and Petrochemicals Limited lowered the ex-depot price of petrol from N890 per litre to N825 per litre. This marks the second price cut in February.

In a public notice regarding the reduction, Dangote announced three filling stations in Lagos as its partner off-takers, with the following prices: MRS at N860 per litre, AP at N865 per litre, and Heyden at N865 per litre.

While the price drop has been welcomed by many Nigerians, some remain sceptical about its sustainability.

“This is good news, but we hope it’s not just a temporary move to calm the public,” said Adeola Ogunleye, a commercial bus driver in Lagos. “Fuel prices have been too high for too long, and we need lasting solutions.”