The Nigerian National Petroleum Company (NNPC) Limited has reduced petrol prices at its retail outlets, with fuel now selling for ₦865 per litre in Lagos and ₦895 in Abuja. This follows a recent drop in the ex-depot price by Dangote Petroleum Refinery, which lowered its rate from ₦840 to ₦820 per litre on July 8—its second reduction in two weeks.
This price movement signals increasing competition in Nigeria’s deregulated downstream oil market. Independent marketers like MRS, Heyden, and AP are adjusting pump prices to align with Dangote’s cuts. NNPC had previously sold fuel at ₦910 in Abuja and ₦885 in Lagos.
Amid market fluctuations and supply concerns, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has scheduled a stakeholders’ forum for July 23–24 to address pricing transparency and operational stability.
The deregulation, following the 2023 subsidy removal, has led to fuel prices skyrocketing to over ₦1,200 per litre. PENGASSAN has suggested ₦700–₦750 as a fair price range, urging a balance between affordability and sustainability.
