NNPC, Other Filling Stations Yet To Adjust Petrol Pump Prices Despite Dangote’s N70 Reduction
- Petrol stations in Lagos, including outlets operated by the NNPC had retain prices despite recent reduction
- The delay in pump price adjustment is attributed to existing stock bought at higher costs
- Dangote Refinery has reduced its gantry price and marketers are expected to gradually adjust retail prices
Legit.ng journalist Dave Ibemere has experience in business journalism, with in-depth knowledge of the Nigerian economy, the stock market, and broader market trends.
Petrol prices across Lagos have remained high despite N70 per litre reduction announced by the Dangote Petroleum Refinery and Petrochemicals Limited.
Source: Getty Images
Checks by Petroleumprice.ng show that in the Shomolu and Ikotun axis, filling station pump prices still ranged between N1,310 and N1,330 per litre.
Heyden station on Apata Road and Mobil on Sanusi Road both sold at N1,330 per litre, while an outlet operated by the Nigerian National Petroleum Company Limited at Ikotun Roundabout dispensed at N1,310 per litre.
MRS stations in the area maintained similar pricing levels, with N1,310 recorded at Igandu Bus Stop and N1,320 along the Igandu–Ikotun Road, keeping prices above the expected range following the refinery’s recent adjustment.
Dangote slashes petrol prices
The Dangote Petroleum Refinery had earlier reduced its gantry price for Premium Motor Spirit (petrol) to N1,200 per litre from N1,275, with a coastal price set at N1,153 per litre, a move expected to influence pricing across the downstream value chain.
The adjustment, according to the company, reflects changes in its pricing structure amid ongoing geopolitical tensions affecting global oil markets.
The revised template is expected to impact supply costs across depots and retail outlets.
Industry players are expected to recalibrate landing costs in response to the new pricing, particularly those sourcing fuel locally.
The coastal price is also anticipated to support marine deliveries to depots in southern Nigeria, offering an alternative distribution route.
With the new reduction to N1,200 per litre, analysts expect gradual downward pressure on pump prices, potentially bringing them below the N1,300 mark, Punch reports.
Source: Getty Images
Depot prices is also dropping
Depots across Lagos, Warri, Port Harcourt, and Calabar have adjusted prices downward in response to Dangote’s move.
In Lagos, Nipco, Aiteo, and Ardova reduced prices to around N1,215 per litre, while other depots across regions followed similar downward trends.
Across Warri, Port Harcourt, and Calabar, depot prices now range between N1,210 and N1,255 per litre, reflecting tighter margins and stronger competition among marketers.
NBS releases list of states with highest, lowest petrol prices
Earlier, Legit.ng reported that Nigerians paid less for petrol in February 2026 compared to February 2025, new data has shown.
According to the National Bureau of Statistics (NBS), the average retail price paid by consumers for Premium Motor Spirit (petrol) stood at N1,051.47 per litre in February 2026, a 15.60% decrease compared with N1,245.80 recorded in February 2025.
On a month-on-month basis, however, the average retail price increased by 1.62% from N1,034.76 in January 2026.
Source: Legit.ng
