- The Nigerian National Petroleum Company Limited has cut the price of Premium Motor Spirit, popularly called petrol
- The new price adjustment follows the Dangote refinery decision to reduce gantry and retail price
- More filling stations are now expected to adjust their petrol pump prices in the days ahead
Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends
The Nigerian National Petroleum Company (NNPC) Limited has reduced petrol prices in major cities, following a recent adjustment from the Dangote Petroleum Refinery.
Legit.ng checks show that in Lagos, the NNPC has cut the pump price of Premium Motor Spirit (PMS) from N890 to N875 per litre, while in Abuja, the price fell from N920 to N915 per litre.
Photo: X/NNPC
Source: Twitter
The adjustments follow Dangote’s decision to reduce its gantry price to N699 per litre and set the retail price at N739 per litre at its partner filling stations.
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Dangote petrol crash: List of filling stations to buy at N739 per litre
Dangote Refinery announced that starting Tuesday, December 16, MRS Oil Nigeria Plc would implement the new pump price of N739 per litre.
Speaking at a press briefing at the Lekki refinery, billionaire industrialist Aliko Dangote said the new prices would be strictly enforced across all stations purchasing fuel from the refinery.
“Starting Tuesday, MRS will begin selling petrol at N739 per litre. We will definitely enforce that low price. You won’t buy petrol at N970 per litre again.”
Other Dangote partner stations expected to adopt the revised retail price include Conoil Plc, Eterna Plc, Golden Super, Nepal Energies, Kifayat Global Energy, Riquest Oil and Gas, and Emadeb Energy Services Limited.
Reacting to the changes, Kalu Aja a financail analyst said:
“The PMS price in Nigeria is falling because of new supply from the Dangote refinery. If Dangote were the only supplier of PMS, he would not sell PMS at N699 ditto the other importers. Nigeria has a supply problem, not a demand problem”
Read also
Dangote announces new fuel pump price at filling stations, declares ‘no more N970 per litre’
Photo: Bloomberg
Source: Getty Images
5 key takeaways from Dangote’s price cut
- Dangote Refinery’s lower gantry and retail prices have forced NNPC and other marketers to adjust pump prices, signaling the start of a downstream price war.
- Dangote’s ability to offer cheaper petrol locally highlights the impact of domestic refining in reducing reliance on imports and lowering costs.
- Motorists are already seeing modest relief at the pumps, especially at Dangote partner stations selling below prevailing market rates.
- Pricing and credit incentives are structured to favour large marketers, which may determine how quickly price cuts reach retail outlets nationwide.
- The scale of Dangote’s price cut shows growing influence over fuel pricing, challenging NNPC’s long-standing dominance in the sector.
CNG adoption in Nigeria remains slow
Earlier, Legit.ng reported that Nigeria’s transition from petrol to Compressed Natural Gas (CNG) gained momentum following the removal of fuel subsidies, though its progress remained constrained by inadequate refuelling infrastructure.
Despite CNG costing about 74% less than petrol as of April 2025, motorists continue to face long queues and extended waiting times due to the limited number of stations, a situation many say is affecting productivity and slowing wider adoption.
Data from the Presidential Initiative on CNG (Pi-CNG) show that Nigeria currently has 68 autogas stations and 369 conversion centres nationwide, with an additional 150 stations under construction and 27 mother stations expected to boost supply.
Proofreading by Kola Muhammed, copy editor at Legit.ng.
Source: Legit.ng