NNPC Ltd has reduced petrol prices at its outlets in Lagos and Abuja, with Lagos experiencing a steeper drop of N60 per litre. The move follows a broader trend of falling fuel prices across Nigeria, driven by competition among depot operators and domestic refiners.
Price Reductions at NNPC Outlets
As of Monday, August 10, petrol now sells for N1,205 per litre in Lagos, down from N1,265, representing a N60 reduction. In Abuja, the pump price has dropped by N15 to N1,280 per litre from N1,295. These adjustments are part of a wider effort to align with market dynamics and pass on lower costs to consumers.
Private Depots Follow Suit
Data from Petroleumprice.ng shows that several private depot operators in Lagos have also cut their petrol rates. MRS Tincan reduced its price to N1,172 per litre from N1,222, a N50 decrease. Pinnacle now sells at N1,165.70 per litre, down from N1,215, while Aiteo reduced its price to N1,168 from N1,217.
NIPCO cut its petrol price to N1,168 from N1,218, and Integrated lowered its rate to N1,169 from N1,218. African Terminal also reduced its petrol price to N1,169 per litre from N1,218. These reductions are expected to provide room for filling stations to review their pump prices downward, depending on their stock levels and operating costs.
Dangote Refinery Sparks Broader Price War
The latest adjustments follow a reduction in petrol prices by the Dangote Refinery. The refinery cut its petrol gantry price to N1,165 per litre from N1,215 on August 5, and also reduced diesel prices to N1,570 per litre from N1,650. This has triggered a chain reaction, with private depot operators in Lagos, Warri, Port Harcourt, and Calabar reviewing their prices downward.
Diesel Prices Also Fall
Depot data also shows significant reductions in diesel prices in Lagos. African Terminal, Integrated, Duport, Ibachem, and Gulf Treasure all quoted diesel at N1,550 per litre, each recording a N100 reduction. Ibeto reduced its diesel price by N80 to N1,550, while T.Time quoted N1,560 after a N70 reduction.
Wosbab and TMDK sold diesel at N1,555, while Menj reduced its price by N45 to N1,575 per litre. These continued reductions could ease transportation and operating costs for businesses if the trend is sustained.
Impact on Consumers
The price cuts are expected to benefit consumers if the lower depot prices translate into cheaper petrol at filling stations. According to the National Bureau of Statistics (NBS), the average retail price for petrol stood at N1,051.47 per litre in February 2026, a 15.60% decrease compared with N1,245.80 in February 2025. On a month-on-month basis, however, the average retail price increased by 1.62% from N1,034.76 in January 2026.
