Petrol Prices Drop Below ₦900 as Dangote Refinery Slashes Ex-Depot Rates

The Nigerian National Petroleum Company Limited (NNPC) and other fuel marketers have lowered the pump price of Premium Motor Spirit (PMS), popularly known as petrol, following a reduction in ex-depot rates by Dangote Petroleum Refinery. This development saw pump prices fall from as high as ₦950 per litre earlier in the week to as low as ₦865 per litre in some locations.

A market survey conducted on Friday showed that most filling stations in Lagos and Ogun States had adjusted their prices below ₦900 per litre to remain competitive. NNPC retail outlets, for instance, cut their pump prices from ₦900 to ₦865 in Lagos and ₦870 in Ogun. Similarly, Dangote refinery partners like MRS and Ardova adjusted their rates to ₦865 and ₦875 respectively, while other stations such as Heyden, Fatgbems, Asharami, Rainoil, and NIPCO sold petrol between ₦875 and ₦895 per litre.

However, the price reduction has not been uniform across the country. Retail prices remain higher in northern, southeastern, and south-southern states due to transportation costs and logistical challenges. Earlier predictions by The PUNCH indicated that petrol prices would dip below ₦900 following Dangote’s drop in ex-depot prices from ₦850 to ₦820 per litre.

Confirming the development, Dangote Group’s Chief Branding and Communications Officer, Anthony Chiejina, noted that the price cut is part of the refinery’s commitment to national growth and uninterrupted fuel supply. Prior to this shift, many filling stations had kept prices above ₦900 despite declining crude oil prices and stable exchange rates. The competitive pressure from Dangote’s price drop has now pushed other marketers, including the NNPC, to follow suit.

The dominance of Dangote’s 650,000-barrel-per-day refinery in local petrol production has effectively ended NNPC’s role as the sole price setter and importer. While petrol once soared to around ₦1,200 per litre following the removal of fuel subsidies, successive cuts by Dangote Refinery have helped bring prices down significantly. Still, many Nigerians argue that the current rates remain high, calling for further reductions to ₦200–₦500 per litre to relieve economic pressure and reduce inflation.