NNPC Slashes Petrol Price to N880 in Lagos as Dangote Refinery Cuts Ex-Depot Rate—Marketers Lament Heavy Losses Amid Intensifying Price War
Fuel marketers across Nigeria have raised concerns over mounting losses after the Nigerian National Petroleum Company Limited (NNPC) slashed the pump price of Premium Motor Spirit (PMS), commonly known as petrol, to N880 per litre in Lagos and N935 in Abuja.
The price adjustment, which took effect on Easter Monday, saw NNPC retail outlets in Lagos reduce prices from N925 to N880, while those in Abuja dropped from N950 to N935.
The reduction comes barely a week after the Dangote Refinery lowered its ex-depot price from N865 to N835 per litre. The $20 billion refinery also directed its major partners including 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.
A comparison by NEWS REVIEW revealed that NNPC’s new rate in Lagos undercuts the Dangote refinery’s by N10, hinting at renewed price competition between both suppliers.
Despite the new pricing, several NNPC filling stations were observed to still sell at the old rates. Marketers explained that these stations were given approval to clear existing stock before adopting the new pricing.
Speaking with our correspondent, the National Vice President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Hammed Fashola, confirmed the changes and highlighted the challenges the new pricing poses for operators. “It is confirmed that NNPC has reduced PMS to N880 in Lagos. Some stations have already adjusted, but those with old stock are still selling at the previous rate,” he said.
Fashola described the price drop as a double-edged sword—good news for consumers but a major blow for marketers. “This is deregulation at work, and while it benefits Nigerians, marketers are losing money. That’s the bitter truth.”
He noted that operators are left with no choice but to reduce prices to limit losses and sell off old stock before restocking at new rates.
On whether prices could fall further to N800 or even N700 per litre, Fashola declined to make any projections. “We can’t predict that. It all depends on crude oil prices and the exchange rate. If oil falls to around $50 per barrel, it will affect government revenue and inflation. So, it’s hard to say,” he explained.
The latest round of price cuts follows the Federal Government’s directive to continue the naira-for-crude swap deal indefinitely—a policy that has helped improve fuel supply and pricing dynamics in the country.
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 slashed the pump price of Premium Motor Spirit (PMS), commonly known as petrol, to N880 per litre in Lagos and N935 in Abuja.){kind=link}