The Nigerian National Petroleum Company (NNPC) Limited has announced a downward adjustment in the pump price of petrol across its retail outlets, reducing prices to ₦895 per litre in Abuja and ₦865 per litre in Lagos. This move reflects growing competition in Nigeria’s fully deregulated downstream petroleum sector.
The development follows recent pricing decisions by Dangote Petroleum Refinery, which earlier reduced its ex-depot petrol price from ₦840 to ₦820 per litre on July 8, 2025. That marked the refinery’s second reduction in two weeks, having previously lowered the price from ₦880 to ₦840 per litre.
Field checks confirmed that NNPC stations along Igando Road in Lagos and Kubwa in Abuja have begun reflecting the new prices as of Wednesday. The latest drop represents a ₦15 to ₦20 cut from previous pump rates of ₦910 in Abuja and ₦885 in Lagos.
These price cuts come amid pressure from independent marketers and regulatory authorities to stabilise pricing and maintain consistent product availability nationwide.
Dangote’s Role in Price Adjustment
Speaking on the price development, Anthony Chiejina, spokesperson for the Dangote Group, stated that the reductions in ex-depot pricing were influenced by recent global oil market volatility, particularly during a 12-day crisis in the Middle East that briefly drove up crude prices.
Chiejina noted that the refinery’s pricing strategy aims to stabilise the Nigerian market and ensure competitive supply, especially as more marketers begin sourcing directly from Dangote.
So far, major and independent marketers—including MRS, Heyden, AP, Hyde, Optima, and Techno Oil—have adjusted their pump prices in line with Dangote’s latest pricing. Additional distributors such as TotalEnergies, Jezco Oil, N.U. Synergy, and Virgin Forest Energy have also joined Dangote’s domestic supply chain.
Regulatory Response and Stakeholder Forum
In response to growing concerns over inconsistent pricing and supply disruptions, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has scheduled a national stakeholders’ forum for July 23–24 in Abuja.
The forum is expected to bring together key players from the downstream sector—including marketers, refiners, logistics operators, and government agencies—to discuss standardised pricing benchmarks and feedstock availability.
According to Francis Ogaree, Executive Director of the NMDPRA, the forum is part of broader efforts to foster transparency, stability, and investor confidence in the deregulated environment.
“The deregulated market still requires a coordinated framework. We’re working with all players to build trust, standardise pricing, and ensure long-term investment in local refining,” Ogaree said.
He also acknowledged the sensitivity of fuel pricing for Nigerian consumers and reaffirmed the government’s commitment to a fair and competitive energy market.
A Challenging Road Since Subsidy Removal
Petrol prices in Nigeria have risen significantly since the removal of fuel subsidies in 2023. According to the National Bureau of Statistics, the average pump price stood at ₦1,239.33 per litre in April 2025, marking a 76% increase year-on-year.
The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) recently proposed a recommended pump price range of ₦700 to ₦750 per litre, citing current market realities and the need to make energy more affordable.
As the Nigerian downstream oil sector continues to evolve, analysts say the emergence of Dangote Refinery as a major player, coupled with rising consumer demand for price relief, is expected to shape the country’s energy landscape in the months ahead.
