NNPC Releases New Petrol Prices, Emerges Cheapest in Nigeria as Depot Rates Change
- NNPC retail stations offer the cheapest petrol in Nigeria at N1,205 per litre, amid rising oil market volatility
- Dangote-affiliated stations sell petrol above N1,200, highlighting competition in Nigeria's deregulated fuel market
- Rising depot prices and crude oil tensions signal potential pump price increases for motorists in the coming days
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Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.
Retail stations operated by the Nigerian National Petroleum Company Limited (NNPC) have emerged as the cheapest major outlets for petrol in several parts of Nigeria, offering motorists some relief amid renewed volatility in the downstream oil market.
Industry data obtained by Legit.ng shows that NNPC retail stations are selling Premium Motor Spirit (PMS) at about N1,205 per litre, placing the company below several other major outlets.
Source: Getty Images
The modest price difference has become significant for motorists battling rising transportation and living costs, particularly as petrol prices remain sensitive to changes in crude oil prices and supply conditions.
Dangote-affiliated stations sell above N1,200
Several filling stations linked to the Dangote Refinery, including AP, MRS and Sunbeth, are selling petrol at prices above N1,200 per litre in some locations.
Findings from Lagos and Abuja indicate that prices at some of these outlets range between N1,210 and N1,220 per litre, depending on the station and location.
This means motorists buying from NNPC stations at N1,205 can save between N5 and N15 per litre compared with some competing outlets.
While the difference may appear small, the savings become more noticeable for commercial motorists and consumers purchasing larger quantities of fuel.
The development has also increased attention on NNPC's pricing strategy as competition intensifies across Nigeria's deregulated downstream petroleum market.
Analysts rule out fresh petrol subsidy
Financial analyst Osas Igho said NNPC's lower price should not automatically be interpreted as a return of petrol subsidy.
According to him, NNPC also sources petrol from the Dangote Refinery, meaning the company is participating in the same increasingly competitive market.
He explained that the pricing could instead reflect NNPC's attempt to remain competitive and attract motorists amid changing market conditions.
Depot prices rise as crude oil climbs
Meanwhile, data from PetroleumPriceNG indicates that petrol depot prices have continued to edge higher, creating fresh concerns about pump prices in the coming days.
The increases come as Brent crude trades above $90 per barrel, with tensions around the Strait of Hormuz adding uncertainty to global crude supply.
Some depots have already adjusted their prices. Soroman increased its petrol price by N15 to N1,195 per litre, while PIVOT also sold at N1,195. Masters and Sigmund are at N1,185, while SOBAZ is selling at N1,190 per litre.
Motorists watch the market closely
The rising depot prices could eventually put pressure on retail petrol prices if the trend persists.
Source: UGC
For now, NNPC's N1,205 pump price gives motorists a slight advantage over several competing outlets. However, continued crude oil volatility and supply disruptions could determine whether the price gap widens or disappears.
As competition deepens in Nigeria's downstream market, motorists will be watching closely to see whether other major fuel retailers follow NNPC's lead and reduce their prices.
Imported petrol sells higher than Dangote’s rate
Legit.ng earlier reported that the landing cost of Premium Motor Spirit (PMS), popularly known as petrol, has risen slightly above the price offered by the 700,000-barrel-per-day Dangote Petroleum Refinery, even as private depots across Nigeria slash their prices to remain competitive.
Recent checks show that imported petrol currently lands at about N1,167 per litre, compared with N1,165 per litre offered by Dangote Refinery.
Source: Legit.ng
