Petroleum retailers and marketers have indicated that Nigerians should anticipate further reductions in the price of premium motor spirit (PMS) as a fresh price war unfolds between the Nigerian National Petroleum Company Limited (NNPCL) and Dangote Refinery.
This comes after NNPCL announced new petrol prices of N860 and N880 per litre in Lagos, the Federal Capital Territory, Abuja, and other locations nationwide on Monday.
Several NNPCL retail outlets, including those along the Kubwa expressway in Abuja and the Central Business District near the company’s headquarters, have already reflected the new pump price of N880 per litre. Just six days earlier, Dangote Refinery reduced its petrol price to N880 per litre at its partner retail outlets, such as MRS filling stations and others in Abuja.
This development has intensified competition between NNPCL and Dangote Refinery, giving Nigerians the choice of where to purchase petrol at competitive rates.
Since February 2025, Dangote petrol has been available at a more competitive price compared to NNPCL, leading to increased market dynamics.
Reacting to the development, the National President of the Petroleum Retailers Outlets Owners Association (PETROAN), Billy Gillis-Harry, and the National President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Abubakar Maigandi, expressed optimism that further price reductions are likely amid the ongoing competition.
According to Gillis-Harry, the situation places Nigerians in a favorable position as the competition between NNPCL and Dangote Refinery drives prices lower.
“This price war has brought smiles to the faces of Nigerians struggling with the high cost of living. The new price reductions will be a huge relief to many citizens, and we expect further reductions in PMS prices to positively impact lives. We are engaging NNPCL to lower prices even further for the benefit of Nigerians and marketers,” he stated.
On his part, Maigandi highlighted that the ongoing price adjustments in the downstream oil and gas sector demonstrate the advantages of deregulation.
“This is the beauty of deregulation. We have always urged the government to fully deregulate the sector so that competition can drive prices down. Investors are now entering the market, and Nigerians are beginning to reap the benefits,” Maigandi said.
The price war between NNPCL and Dangote Refinery began on September 15, 2024, when Dangote initiated the rollout of its PMS supply. With competition intensifying, Nigerians are likely to witness further price reductions in the near future.
