by Godwin Orozo, Abuja-
The Nigerian National Petroleum Company Limited (NNPCL) has slashed the pump price of Premium Motor Spirit (PMS) to N860 per litre, a sharp drop from its previous N920 per litre, further intensifying competition among oil marketers and independent dealers.
This move follows last week’s price cut by Dangote Petroleum Refinery, which reduced its ex-depot price to N825 per litre. Industry players say the ongoing price war is reshaping Nigeria’s fuel market dynamics.
“This price adjustment reflects our commitment to ensuring competitive and fair pricing for consumers,” an NNPCL official stated.
The company also announced its new partner off-takers in Lagos, with MRS selling at N860 per litre, while AP and Heyden offer petrol at N865 per litre.
With global crude oil prices fluctuating, market watchers predict more adjustments. According to energy analyst Tunde Bakare, “The battle between NNPCL, Dangote Refinery, and independent marketers is just beginning. We could see further price drops if competition remains fierce.”
For consumers, the development brings cautious optimism. “We just want affordable fuel prices,” said Lagos motorist Bola Adeyemi. “If competition makes that happen, it’s good for us.”
As the pricing war unfolds, industry stakeholders will be watching closely to see how it impacts fuel affordability in the coming weeks.
