Nigerians should expect further reductions in petrol prices as a competition between the Nigerian National Petroleum Company Limited (NNPCL) and Dangote Refinery intensifies. The ongoing price battle follows recent fuel price cuts by both companies, giving consumers more options at the pump.
On Monday, NNPCL announced new petrol prices of N860 and N880 per litre in Lagos, Abuja, and other parts of the country. The price adjustment was reflected at NNPCL retail stations in key locations, including Kubwa expressway in Abuja and near the company’s headquarters.
Just days earlier, Dangote Refinery lowered its petrol price to N880 per litre at its partner filling stations, including MRS outlets in Abuja. This move has fueled a price war between the two major players in the downstream oil sector, with both aiming to attract customers.
Speaking on the development, Billy Gillis-Harry, President of the Petroleum Retailers Outlets Owners Association, and Abubakar Maigandi, leader of the Independent Petroleum Marketers Association of Nigeria, noted that Nigerians will likely see more price reductions as competition increases.
Gillis-Harry described the situation as beneficial for consumers, stating, “The new price has been reflected on our portal. This price reduction will be a huge relief to many Nigerians struggling to make ends meet.” He further noted that discussions with NNPCL are ongoing to push for even lower prices for the benefit of Nigerians and fuel marketers.
Maigandi shared a similar view, explaining that the current price adjustments are a result of deregulation in the oil sector. “This is what we have been telling the government—to deregulate the sector. The price will start coming down. Investors have started coming,” he said.
The rivalry between NNPCL and Dangote Refinery began on September 15, 2024, when Dangote officially entered the fuel market. Since then, the competition has led to fluctuating prices, with both companies adjusting their rates to attract more buyers.
