The Nigerian National Petroleum Company Limited (NNPCL) has reduced petrol prices at its retail outlets to N1,110 per litre, down from the previous N1,170 per litre. This price cut follows similar reductions by the Dangote Refinery and independent fuel marketers, providing relief to Nigerian motorists.
Checks confirmed the new pricing at NNPC filling stations, which aligns with the Dangote Refinery's latest gantry price of N1,075 per litre. Importers have also matched the refinery pricing with lower rates.
Market-Wide Price Declines
Data from Petroleumprice.ng showed that Aiteo is offering petrol at N1,074 per litre, the lowest among major depots. Other marketers including African Terminal, AIPEC, Ascon, Heyden, Mao, Pinnacle, and Sahara are selling at N1,075 per litre, making their prices N1 lower than Dangote Refinery's N1,076 per litre on Monday. Ardova, MRS, NIPCO, and Techno Oil are also matching Dangote's ex-depot price.
These reductions have filtered through to the retail market. In Abuja and surrounding areas, petrol now sells at major filling stations for between N1,150 and N1,205 per litre, compared with N1,317 to N1,336 per litre on June 18. This represents a decline of between N131 and N167 per litre in roughly three weeks. In Lagos, MRS filling stations are selling petrol at N1,135 per litre, down from over N1,200 per litre.
Reasons Behind Falling Prices
Chinedu Ukadike, Public Relations Officer of the Independent Petroleum Marketers Association of Nigeria (IPMAN), told Legit.ng that the price movement is a direct consequence of shifts in the global oil market. Ukadike said: 'When there is a reduction in the international market, there will be a drop in petrol price. Domestic reduction is equivalent to the price of crude oil in the market. Whatever is sold at the gantry price, we calculate our logistics.'
Despite the recent reductions, industry stakeholders warned that the lower pump prices may be temporary as developments in the Middle East continue to influence global oil prices. Brent crude and West Texas Intermediate (WTI) traded at about $76 and $71 per barrel, respectively, on Saturday after easing from earlier gains triggered by renewed tensions involving the United States and Iran. Analysts say any sustained increase in crude oil prices could eventually reverse the current downward trend in Nigeria's petrol prices.
NMDPRA Reassures Nigerians Over Fuel Supply
Earlier, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) said the country has sufficient stocks of petroleum products to meet local demand. The regulator advised motorists and other consumers against panic buying or stockpiling fuel, stressing that there is no threat to nationwide supply. According to the agency, available volumes of petrol (PMS), diesel (AGO), and liquefied petroleum gas (LPG) are adequate to satisfy current consumption levels across the country.
