NNPC Announces New Fuel Price Below Ardova, MRS, Other Filling Stations’ Rates
- NNPC Limited has decided to reduce the pump price for Premium Motor Spirit (PMS) for Nigerians
- The new price comes days after Ardova, MRS, and other partners of Dangote refinery slashed their prices below N930
- The new fuel price will come as a welcome relief for Nigerians battling the high cost of living across the country
Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
The Nigerian National Petroleum Company Limited (NNPCL) has slashed its petrol pump price to N910 per litre on Wednesday, April 16.
This new price represents a N15 reduction from the previous pump price of N925 per litre
Source: Getty Images
Amos, a filling station attendant in Lagos who confirmed the new price to Legit.ng, said:
"Our manager received instructions on Wednesday morning to change the pump price to N910. We have been selling at this price since then."
Like NNPC, other fuel stations slash prices
Earlier, Legit.ng reported that Ardova, Mobil, Petrocam, Hyden, and Matrix have announced reductions in pump prices.
At the Ardova filling station, the fuel pump price was reduced by N10, from N930 per litre to N920. Fuel is also now being sold at N920 per litre at the MRS filling station.
While Mobil filling stations have reduced their price to N925 per litre, down from N940, Petrocam lowered its price from N940 to N930.
Source: UGC
Depots slash prices for marketers
More fuel price reduction is expected as various depots across the country supplying to marketers slash prices, including Dangote, Vanguard reports.
Ex-depot petrol price refers to the price it is sold from a depot (a storage facility) or a distribution point.
Data tracked shows that Heyden recorded the sharpest drop, falling by N182 to sell at N847 per litre, a 17.69% decrease.
MRS Tincan followed closely, shedding N57 to settle at N850 per litre, while Dangote’s depot reduced its price by N31.5 to N835, representing a 3.64% drop, Punch reports.
Other reduction observed include Sobaz (N870, down N35), Aiteo (N860, down N1), Sigmund (N872, down N2), Alkanes (N868, down N2), and Liquid Bulk (N874, down N8).
However, prices held steady at several depots, including Rainoil Lagos (N865), Ardova (N865), Sahara (N865), AIPEC (N864), Menj (N863), A. A Rano (N863), Eterna (N865), and Pinnacle Warri (N869).
Warri-based Matrix remained unchanged at N872, and Prudent in Oghara also held firm at N870 per litre.
Dangote, NNPC price war resumes
The new price reduction resumes the ongoing price war between the NNPC Dangote Refinery, signifying a pivotal shift in the nation's downstream oil sector.
The ongoing price war between the NNPC and Dangote Refinery marks a significant shift in Nigeria's downstream oil sector.
The battle for market dominance began in November 2024, when Dangote Refinery initiated aggressive reductions in its ex-depot petrol prices, forcing the NNPC to adjust its own pricing structure in order to stay competitive.
This rivalry has resulted in a drop in petrol prices in Lagos, which now hover around N860 per litre, signalling a move towards a more market-driven pricing model.
However, the competition was temporarily halted when the NNPC suspended the Naira-for-crude policy, leading Dangote Refinery to revert to dollar-based transactions instead of accepting the naira.
For Nigerian consumers, the price reductions provide much-needed relief from the soaring fuel costs that followed the removal of fuel subsidy in 2023.
With the resumption of the naira-for-crude initiative, analysts predict that if the price war continues, petrol prices could further decline to a range of N650 to N800 per litre, offering even more substantial savings.
While some Nigerians have welcomed the price cuts, there are calls for the government to ensure that these lower prices are maintained for the long term to create lasting economic benefits.
PETROAN expects more reduction
Earlier, Legit.ng reported that the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) said Nigerians will soon begin to reap the benefits of falling global crude oil prices, following Dangote Refinery’s decision to slash ex-depot price to N865 per litre.
Joseph Obele, PETROAN's spokesperson, noted that the key to cheaper fuel is the federal government’s naira-for-crude oil policy.
He explained that the policy protects Nigeria’s economy from oil market fluctuations abroad.
He also mentioned that it aims to reduce dependence on foreign currency, encourage local refining, and help stabilise petrol prices.
This article has been updated by head of business desk, Victor Enengedi, with additional information.
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Source: Legit.ng
