By Abiola Olawale
The Nigerian National Petroleum Company (NNPC) has announced a reduction in the pump price of petrol, intensifying competition in the country’s downstream oil sector.
This move comes on the heels of a similar price cut by Dangote Refinery, amidst a brewing price war between the state-owned oil giant and the privately-owned refinery.
It was gathered that the latest price cut by NNPC is effective immediately. NNPC has slashed the price of petrol from N970 per litre to N860 at its retail outlets across the country.
The decision follows Dangote Refinery’s recent reduction of its ex-depot price to N825 per litre, which had already driven retail prices down to as low as N865 per litre in some regions.
The National Vice President of the Independent Petroleum Marketers Association of Nigeria, Hammed Fashola, confirmed the development.
He stated: “It is true, NNPC is selling petrol at N860 in the filling stations. Though this has not been reflected on the portal, they told me they are working on updating the portal.”
Also, the National President of the Petroleum Products Retail Outlet Owners Association of Nigeria, Billy Gillis-Harry, said, “They reduced the pump price earlier this morning but I’m yet to get the details.”
The competition between NNPC and Dangote Refinery has been escalating since the latter began petrol production in late 2024.
