The Nigerian National Petroleum Company (NNPC) Limited has reduced the pump price of petrol at its retail stations, with prices dropping to N895 per litre in Abuja and N865 per litre in Lagos, signalling intensified competition in the deregulated downstream market.

This reduction follows a similar move by Dangote Petroleum Refinery, which lowered its ex-depot price of petrol from N840 to N820 per litre on July 8. The latest adjustment marks the second drop in two weeks by the privately owned refinery, which had initially brought its price down from N880 to N840 per litre.

Retail stations operated by NNPC along Igando Road in Lagos and in Kubwa, Abuja, reflected the new pump prices on Wednesday, representing a N15–N20 cut from earlier rates.

NNPC outlets previously sold petrol at N910 and N885 in Abuja and Lagos, respectively.

The changes come amid increased pressure from independent marketers and regulatory bodies to standardise pricing and ensure consistent supply across the country.

Anthony Chiejina, spokesperson for Dangote Group, said the reduction in ex-depot pricing was in response to recent volatility in the global oil market, particularly during a 12-day crisis in the Middle East that pushed crude oil prices higher.

According to him, the price cut aims to stabilise the local market and maintain supply competitiveness.

Chiejina noted that major and independent marketers, including MRS, Heyden, AP, Hyde, Optima, and Techno Oil, have begun reflecting Dangote’s new pricing structure at the pump.

He also confirmed that more distributors—including TotalEnergies, Jezco Oil, N.U. Synergy and Virgin Forest Energy have joined the refinery’s domestic distribution network.

Meanwhile, concerns over inconsistent pricing and supply disruptions have prompted the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to convene a national stakeholders’ forum scheduled for July 23–24 in Abuja.

The meeting is expected to bring together marketers, refiners, operators, and government officials to deliberate on pricing benchmarks and feedstock availability.

Speaking earlier this month at the Nigeria Oil and Gas Energy Week, NMDPRA Executive Director, Francis Ogaree, said the forum would address ongoing concerns surrounding pricing transparency and operational uncertainties in the post-subsidy era.

“The deregulated market still requires a coordinated framework,” Ogaree said. “We are working with all players to build trust, standardise pricing, and ensure long-term investment in local refining.”

He added that the authority recognises the sensitivity of petrol pricing, especially for consumers, and is committed to stabilising the market while supporting a competitive environment.

Petrol prices have risen sharply since the removal of subsidies in 2023, with figures from the National Bureau of Statistics showing an average pump price of N1,239.33 per litre in April 2025—an increase of 76% over the previous year.

In response, the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) recently suggested a recommended pump price range of N700 to N750 per litre, citing current market dynamics.

The downstream sector continues to evolve rapidly, with the entry of Dangote Refinery and growing demand for price regulation putting pressure on operators and regulators to find a sustainable path forward. (The Guardian)