NNPCL Reduces Petrol Price To ₦899 Per Litre Amid Deregulation Competition

By Onoja Baba, Nigeria

The Nigerian National Petroleum Company Limited (NNPCL) has slashed the ex-depot price of Premium Motor Spirit (PMS), popularly known as petrol, from ₦1,020 to ₦899 per litre.

The price adjustment comes just days after the Dangote Refinery introduced a similar price point, signaling intensified competition in the deregulated downstream sector.

This development was confirmed on Saturday, in a statement issued by the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN).

According to the statement signed by PETROAN’s National Public Relations Officer, Dr. Joseph Obele, the reduction reflects a regional pricing scheme outlined in a document from NNPCL’s Commercial Department.

While marketers sourcing petrol from the Warri, Oghara, Port Harcourt, and Calabar depots will pay ₦970 per litre, those buying from other depots nationwide will now pay ₦899 per litre—the same rate recently announced by the Dangote Refinery.

Dr. Obele highlighted the implications of the price reduction, stating:

“The Nigerian National Petroleum Company Limited has taken a significant step in response to the competitive impact of deregulation in the downstream sector.

The reduction in the ex-depot price of Premium Motor Spirit is a direct response to increased competition, which is reshaping the landscape of the downstream oil market.”

The price cut is expected to trigger a price war among oil marketers as they compete for consumer loyalty in an increasingly deregulated market.

Analysts believe this competition will ultimately benefit consumers through potentially lower pump prices and improved service delivery.

The move also underscores the growing impact of deregulation on Nigeria’s downstream oil sector, as private refineries like Dangote Refinery challenge the long-standing dominance of the NNPCL.