NNPC Slashes Petrol Pump Price Again, but New Rate Still Higher Than Ardova, MRS, Others
- NNPC has reduced petrol price, but its rate remains higher than several major marketers like Ardova and MRS/Mobil
- Most filling stations across Lagos are selling within N900–N910, offering small relief to Nigerians
- Analysts say more price cuts may occur if supply stabilises and private refiners intensify competition in the downstream market
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 again reduced the pump price of Premium Motor Spirit (PMS), bringing its new rate to N905 per litre, down from N910, as competition in the downstream sector intensifies.
While in Abuja petrol price has dropped from N940 to N930.
Source: Getty Images
This latest change is the second price adjustment by the national oil company in recent weeks, after it previously dropped its price from N920 per litre.
NNPC fuel price vs other filling stations
Despite the latest reduction, NNPC’s new price remains higher than what several major and independent marketers are currently offering.
Legit.ng checks at major stations across Lagos on Friday, November 28, revealed that independent marketers are still selling at cheaper rates as they continue to attract motorists seeking lower prices.
Ardova Plc, one of the largest downstream operators, is selling PMS at N890 per litre at some filling stations around Egbeda areas, while MRS and Mobil stations are dispensing at N895 per litre.
Other marketers such as Petrocam and Hyde Energy are selling at N900, slightly below NNPC’s revised price.
A survey of pump prices showed that many filling stations, especially independents, have settled within the N900 to N910 per litre band.
Source: Getty Images
Motorists say that while the reductions by NNPC are welcome, the price changes will not make much difference.
Kunle Ajayi a commercial driver said:
“I bought fuel at N905 today. Yes, it's lower than before, but the difference is too small to feel.
“Transport fares cannot come down because nothing significant has changed.”
Ex-depot prices drop
The drop in retail petrol prices reflects the changes at several depots across the country
Petroluemprice.ng revealed that Dangote, AIPEC, NIPCO Lagos, and Aiteo reduced their ex-depot prices to N840 per litre.
Pinnacle Oil also cut its price by N3, now selling at N842, while Rainoil Lagos reduced to N844.
Other suppliers, including Sigmund and Masters, recorded modest reductions to N858. Northwest, Mainland, and Fynefield depots are now at N850.
Liquid Bulk has also reduced to N858, while TSL and Matrix Warri lowered prices modestly to N857 and N855, respectively.
Dangote Refinery hits 70 million litres of petrol
Earlier, Legit.ng reported that the massive Dangote Refinery has reached a new milestone, producing and distributing over 70 million litres of petrol and diesel daily, a volume that now exceeds Nigeria’s total fuel consumption.
Chief Branding and Communications Officer of Dangote Refinery, Tony Chiejine, said that the refinery currently loads over 45 million litres of petrol and 25 million litres of diesel every day, cementing its status as Africa’s largest refining complex and a cornerstone of Nigeria’s quest for energy self-sufficiency.
Source: Legit.ng
