This change comes shortly after Dangote Refinery reduced its ex-depot price from N865 to N835 per litre. Dangote also instructed its marketing partners—MRS, Heyden, and Ardova—to sell petrol at N890 in Lagos, N900 in the South-West, N910 in the South-South, and N920 in the North-East.
With NNPC now selling petrol N10 cheaper than Dangote in Lagos, a price competition appears to be intensifying. Some NNPC stations are still dispensing at the old rate, but according to sources, they are permitted to finish their old stock before adjusting to the new price.
Confirming the price cut, Hammed Fashola, National Vice President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), said a memo was sent by NNPC Retail directing its outlets to implement the new prices.
“It’s true—NNPC has reduced PMS to N880 in Lagos,” Fashola said. “Stations with old stock are still selling at N910, but others have adjusted. Independent marketers are in the same situation, trying to offload old stock before switching to the new price.”
Fashola admitted that while lower fuel prices benefit consumers, marketers are incurring significant losses. “It’s good news for Nigerians, but we’re bearing the brunt. That’s the bitter truth.”
When asked how marketers might cushion the impact, he said they’re reducing prices slightly to minimize losses and sell off old inventory before restocking.
On whether petrol could soon drop to N800 or N700, Fashola declined to speculate. “I can’t predict that. Prices depend heavily on global crude oil prices and the exchange rate. For instance, if oil drops to $50 per barrel, it affects government revenue, inflation, and overall economic stability.”
The price reduction also follows the Federal Government’s directive to continue the naira-for-crude policy, which allows domestic refineries to purchase crude oil in naira rather than in dollars—a move seen as key to stabilising fuel prices.
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