
03/03/2025
As of March 3, 2025, the Nigerian National Petroleum Company Limited (NNPCL) has reduced the pump price of Premium Motor Spirit (PMS), commonly known as petrol, to ₦860 per litre, down from the previous average of ₦920 per litre.
This price reduction follows a recent move by Dangote Petroleum Refinery, which decreased its ex-depot price of petrol from ₦890 to ₦825 per litre. Dangote's partner filling stations have adjusted their prices accordingly:
Lagos: MRS stations at ₦860 per litre; AP and Heyden stations at ₦865 per litre.
South-West: MRS at ₦870 per litre; AP and Heyden at ₦875 per litre.
North: MRS at ₦880 per litre; AP and Heyden at ₦885 per litre.
South-South and South-East: MRS at ₦890 per litre; AP and Heyden at ₦895 per litre.
However, the Independent Petroleum Marketers Association of Nigeria (IPMAN) has stated that, as of today, NNPCL's ex-depot price remains unchanged at ₦940 per litre. This suggests that while NNPCL has announced a reduction in retail prices, the wholesale price for marketers has not yet been adjusted.
These developments indicate a competitive pricing environment in Nigeria's petroleum sector, influenced by fluctuations in global crude oil prices and strategic decisions by major industry players.