The Nigerian National Petroleum Company Limited (NNPCL) has further reduced petrol prices to N890 per litre at its Abuja retail outlets, marking its second price cut this month in response to growing competition from the Dangote Petroleum Refinery.
Multiple NNPCL station managers in the Federal Capital Territory confirmed the new pricing to our reporters during spot checks on Tuesday. “We received the new price directive this morning and adjusted our pumps accordingly,” said Adegoke Johnson, supervisor at an NNPCL station in Central Business District. His station’s price board clearly displayed the N890 rate, verified by our team.
The latest N5 reduction follows Dangote Refinery’s recent ex-depot price cut to N820 per litre, which has forced market realignments across the sector. “When Dangote sneezes, the entire market catches cold,” remarked energy analyst Chinedu Okonkwo of EnergyQuest Africa. “Their pricing power is reshaping Nigeria’s fuel supply chain.”
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Industry sources reveal the pricing shifts stem from multiple factors:
Global crude oil benchmarks have declined 8% this month, with Brent crude trading at $78.42 per barrel as of Monday. This downward trend has eased import costs for refined products.
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has scheduled an emergency meeting with marketers this week. “We’re monitoring these developments closely to ensure fair competition and supply stability,” NMDPRA Chief Executive Farouk Ahmed stated in a press release.
Independent marketers face inventory challenges. “Many of us still have old stock bought at higher prices,” lamented Abubakar Sani, chairman of the Independent Petroleum Marketers Association of Nigeria (IPMAN) in the Northern Zone. “We need gradual adjustments to avoid losses.”
While consumers welcome the price relief, economists caution that sustained reductions require deeper reforms. “This price war benefits Nigerians today,” said Dr. Ngozi Okonjo of the Centre for Petroleum Research, “but we need permanent solutions through full deregulation and local refining capacity.”
