The Nigerian National Petroleum Company Limited (NNPCL) has reduced the ex-depot price of petrol to ₦899 per litre, following a similar price adjustment by the Dangote Refinery. This reduction marks a significant step in the competitive landscape of Nigeria’s downstream oil sector.

PETROAN, the association of petroleum retailers, praised the move as a “significant milestone” and noted that the price cut is expected to spark a price war among oil marketers, ultimately benefiting consumers. Under the new regional pricing scheme, Lagos ex-depot prices are set at ₦899 per litre, while other cities, including Port Harcourt and Calabar, will see prices of ₦970 per litre.

PETROAN’s national spokesperson, Dr Joseph Obele, highlighted the potential for reduced transport costs, increased disposable income, and economic growth. He added that the competitive pricing was a direct result of the deregulation of the downstream oil sector.

In response to rumours that it had halted operations at the Port Harcourt refinery, the NNPCL issued a statement refuting the claims. According to Chief Corporate Communications Officer Olufemi Soneye, “The refinery remains fully operational, and reports suggesting otherwise are unfounded.”

Aliko Dangote, President of Dangote Industries Limited, commended President Tinubu’s crude-for-naira deal for stabilising the naira and facilitating reduced fuel prices. He urged other marketers to partner with the Dangote Refinery to ensure Nigerians benefit from affordable, high-quality petroleum products.