NNPC Slashes Petrol Price to N860 Per Litre Amid Market War with Dangote Refinery

By Emmanuel Kwada

The Nigerian National Petroleum Company Limited (NNPC) has announced a significant reduction in the pump price of Premium Motor Spirit (PMS), commonly known as petrol, to N860 per litre. This move comes as the company engages in a price war with Dangote Petroleum Refinery and Petrochemicals Limited, sparking a wave of competitive pricing among private marketers.

The new price, which took effect on Monday, marks a substantial drop from the previous average of N920 per litre, offering much-needed relief to millions of Nigerians struggling with the high cost of living.

Dangote Petroleum Refinery and Petrochemicals Limited had earlier reduced the ex-depot price of petrol from N890 per litre to N825, prompting NNPC to follow suit. The reduction marks the second price cut in February.

This is good news, but we hope it’s not just a temporary move to calm the public

While the price reduction has been welcomed by many, some Nigerians remain skeptical, questioning the sustainability of the drop. “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.

As the market war between NNPC and Dangote Refinery continues to unfold, Nigerians eagerly await the outcome, hoping for lasting solutions to the country’s fuel pricing challenges.