NNPC raises petrol price to N915 in Lagos, N955 in Abuja as marketers cut depot rates
By Jeffrey Agbo
The Nigerian National Petroleum Company (NNPC) Limited has increased the pump price of Premium Motor Spirit (PMS), also known as petrol, to N915 per litre in Lagos and N955 per litre in Abuja.
Previously, petrol sold for N855 per litre in Lagos and N890 per litre in Abuja.
Meanwhile, five major oil marketers — Aiteo, AA Rano, Wosbab, Ibachem and Sahara — have reduced their depot prices of PMS to N820 per litre from over N825 per litre amid rising competition in Nigeria’s deregulated downstream sector, according to Vanguard.
Market checks showed intensified price competition among domestic operators following full deregulation.
Dangote Petroleum Refinery was the first to slash its gantry price to N820 per litre from above N830, prompted by a drop in global crude oil prices from over $70 per barrel to $69.
According to data from the weekend’s daily oil and gas market intelligence report, marketers made the price adjustments to stay competitive.
The Chief Executive Officer of Petroleumprice.ng, Olatide Jeremiah, said: “The downstream sector has been unstable in recent times, due to instability in the global oil market. We should expect to witness such instability in the domestic market. Indeed, competition will drive prices downwards. Dangote is most likely to review its prices downwards to edge off private depots in anticipation of August 15, 2025 when Dangote Petroleum Refinery is expected to rollout 4,000 Compressed Natural Gas, CNG trucks to all retail outlets and companies.”
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