The Nigerian National Petroleum Company (NNPC) Limited has reduced the pump price of Premium Motor Spirit (PMS), commonly known as petrol, across its retail outlets nationwide. A survey shows that NNPC stations in Lagos and Abuja now sell petrol at N1,210 per litre, a N50 reduction from the previous price of N1,260 per litre. This adjustment follows a decline in international crude oil prices, which are currently trading at around $68 per barrel.
Government directive and market competition
The price cut comes after the federal government directed the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to ensure petroleum marketers reduce pump prices in line with falling crude oil prices and prevent consumer exploitation, according to a Vanguard report. Additionally, Dangote Petroleum Refinery recently reduced its ex-depot (gantry) price by N50 to N1,125 per litre, intensifying competition in Nigeria's deregulated downstream petroleum market.
State-by-state breakdown of new NNPC petrol prices
A review of NNPC's latest petrol prices across the country reveals significant variation. Yobe has the highest pump price at N1,395 per litre, followed by Bauchi at N1,385, Sokoto at N1,378, and Plateau at N1,375 per litre. At the lower end, Ogun offers the cheapest petrol at N1,170 per litre, followed by Lagos and Abuja at N1,210, Osun at N1,220, Kano at N1,222, and Ondo and Rivers at N1,230 per litre.
Other state prices include: Abia – N1,235; Adamawa – N1,355; Akwa Ibom – N1,235; Anambra – N1,235; Bayelsa – N1,235; Benue – N1,370; Borno – N1,270; Delta – N1,235; Ebonyi – N1,235; Edo – N1,235; Ekiti – N1,235; Enugu – N1,235; Gombe – N1,345; Imo – N1,235; Jigawa – N1,235; Kaduna – N1,365; Kano – N1,222; Katsina – N1,377; Kogi – N1,360; Kwara – N1,300; Nasarawa – N1,265; Niger – N1,364; Oyo – N1,295; Rivers – N1,230; Taraba – N1,300; Zamfara – N1,370.
Dangote Refinery also slashes diesel and jet fuel prices
In a related development, Dangote Petroleum Refinery reduced the price of Automotive Gas Oil (diesel) at the gantry by N100 to N1,600 per litre. This move is expected to lower transport, logistics, and manufacturing costs in Nigeria. The reduction follows an earlier cut of N75 per litre on petrol for marketers. Analysts say the cuts are likely to fuel a new wave of price competition in the downstream market, which has seen high depot prices recently.
