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Nigerians should brace for more fuel price reductions as the Nigerian National Petroleum Company Limited (NNPCL) and Dangote Refinery engage in a price war, petroleum marketers have hinted.
On Monday, NNPCL announced new petrol prices of ₦860 and ₦880 per litre in Lagos and the Federal Capital Territory (FCT), Abuja.
The price adjustment has already been reflected at NNPCL retail stations in various parts of Abuja, including the Central Business District and Kubwa Expressway.
This move comes just days after Dangote Refinery dropped its petrol price to ₦880 per litre at partner outlets such as MRS filling stations and other locations in Abuja.
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The competition between both oil giants has sparked a fresh price battle, giving Nigerians the opportunity to choose between NNPCL and Dangote retail stations.
Oil experts react
Speaking on the development, Billy Gillis-Harry, National President of the Petroleum Retailers Outlets Owners Association, and Abubakar Maigadi, National President of the Independent Petroleum Marketers Association of Nigeria, welcomed the competition, stating that it would drive further price reductions.
According to Gillis-Harry, Nigerians stand to gain from the ongoing fuel price competition.
“The price war between NNPCL and Dangote Refinery is a necessary business matrix that is bringing relief to Nigerians facing economic hardship. This reduction will positively impact millions struggling to cope with the rising cost of living,” he said.
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He further disclosed that discussions are ongoing with NNPCL to implement further price cuts for the benefit of both consumers and retailers.
Maigadi also weighed in on the matter, describing the situation as a clear advantage of deregulation.
“This is the beauty of a deregulated market. Investors are coming in, and prices are starting to drop. The reduction in petrol prices is a source of joy to Nigerians and marketers alike,” he stated.
The NNPCL-Dangote price war began in September 2024, when Dangote Refinery began its petrol rollout. This triggered competition that is now benefiting Nigerians through reduced pump prices.