NNPCL Slashes Petrol Price Again, Cuts N110 in Under Two Weeks as Fuel Costs Keep Falling
- Nigerian petrol prices have dropped to N1,150 per litre amid fierce market competition
- NNPCL's latest reduction marks a total cut of N110 per litre since late June price cuts
- Industry analysts predict further price declines if crude oil stays low and competition remains strong
Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.
Nigerians are set to enjoy fresh relief at the pumps after the Nigerian National Petroleum Company Limited (NNPCL) reduced the retail price of Premium Motor Spirit (PMS), popularly known as petrol, for the second time in less than two weeks.
The latest adjustment comes amid a sustained decline in global crude oil prices and increasing competition among fuel suppliers, raising hopes that transport fares and the cost of goods could also ease in the coming weeks.
Source: Getty Images
NNPCL cuts pump price by N60
A market survey conducted on Sunday, July 5, 2026, showed that NNPCL retail outlets have reduced the pump price of petrol to N1,150 per litre, down from N1,210 per litre.
The latest adjustment represents a N60-per-litre reduction and brings the total price cut by the state-owned oil company to N110 per litre between June 27 and July 5, 2026.
The move signals intensifying competition in Nigeria's downstream petroleum market as major players continue to slash prices to attract customers.
Dangote, independent marketers intensify price war
NNPCL's latest price cut comes just days after Dangote Refinery announced its fourth reduction in its gantry loading price, bringing the rate down to N1,075 per litre.
The refinery's aggressive pricing strategy has triggered similar responses across the industry.
Independent marketers, including NIPCO, AA Rano and Ranoil, have also adjusted their retail prices, selling petrol between N1,205 and N1,240 per litre at selected outlets.
Depot prices hit lowest level since March
The downward trend is also evident at petroleum depots, where wholesale prices have fallen sharply to their lowest levels since March.
Data from PetroleumPriceNG monitored by Legit.ng showed that several depot operators have reduced their prices to remain competitive with Dangote Refinery.
Source: Getty Images
Pinnacle currently sells petrol at N1,075 per litre, while Emadeb offers the product at N1,077 per litre. FyneField and Soroman have also lowered their prices to N1,095 per litre.
The falling depot prices are expected to encourage more marketers to reduce pump prices in the coming days.
Experts explain why prices are falling
Industry analysts attribute the latest wave of price reductions to the decline in international crude oil prices.
At the time of reporting, Brent crude traded around $72 per barrel, while West Texas Intermediate (WTI) hovered near $68 per barrel, reducing the cost of refined petroleum products.
"Crude oil prices have fallen to their lowest since March. This is the reason marketers are adjusting to the current reality fast," Adeola Yusuf, an energy policy analyst, told Legit.ng during a phone interview.
According to Yusuf, petrol prices could continue their downward trend as tanker traffic normalises through the Strait of Hormuz, easing concerns over global supply disruptions.
Consumers may benefit further
The sustained decline in petrol prices is expected to provide relief for households and businesses grappling with high transportation and operating costs.
Analysts believe that if crude oil prices remain subdued and competition among refiners and marketers persists, motorists could see additional reductions at filling stations in the weeks ahead, potentially easing inflationary pressures across the economy.
MRS reduces petrol price
Legit.ng earlier reported that motorists are set to enjoy fresh relief at the pumps as MRS filling stations have reduced the retail price of Premium Motor Spirit (PMS), popularly known as petrol, for the second time in just two weeks.
The latest adjustment comes only days after the Nigerian National Petroleum Company (NNPC) Limited implemented a nationwide reduction in petrol prices, further intensifying competition among downstream marketers as global crude oil prices continue to decline.
A market survey conducted on Wednesday, July 1, by Legit.ng showed that MRS stations in Abuja are now dispensing petrol at N1,191 per litre, down from N1,241 per litre, representing a N50 per litre reduction.
Source: Legit.ng
