Again, NNPC Reduces Petrol Price, 2nd Time in 5 Days
- NNPC Limited cut petrol prices in Lagos and Abuja, marking its second downward adjustment within five days
- The Lagos price dropped by N10, while Abuja saw a steeper N36 cut, offering relief for Nigerians
- Dangote Refinery also slashed its ex-depot petrol price by N50 per litre a day earlier, intensifying competition in Nigeria's downstream market
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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 Limited has cut petrol prices at its retail outlets in Lagos and Abuja for the second time in five days, as competition in Nigeria’s downstream petroleum market and falling global crude oil prices continue to push pump prices lower.
NNPC Limited reduced its Lagos pump price by N10 per litre, from N1,265 to N1,255, with the reduction taking effect on Friday, August 7, 2026.
Source: Getty Images
A check by Legit.ng also found that NNPC trimmed its Abuja price by N36 per litre from N1,335 to N1,299.
The adjustments follow a significant price cut by Dangote Petroleum Refinery.
On Tuesday, August 5, 2026, the refinery reduced its ex-depot petrol price by N50 per litre, from N1,215 to N1,165.
The Lekki-based refinery also cut the price of diesel by N80 per litre, from N1,650 to N1,570.
Dangote Explains Its Price Move
Dangote Petroleum Refinery said improved operational efficiencies and favourable market conditions drove its decision. The company described the reduction as part of a broader commitment to making fuel more affordable for ordinary Nigerians and lowering energy costs for businesses.
The company said in a statement:
"Dangote Petroleum Refinery remains committed to ensuring stable supply while leveraging operational efficiencies to deliver value to consumers, businesses and stakeholders."
The domestic price reductions come against a backdrop of sharp declines in international crude prices.
Oil markets fell by more than 5% on Tuesday and continued sliding on Wednesday after traders responded to reports of diplomatic progress between the United States and Iran.
Source: Getty Images
At the time of reporting, Brent crude was trading at $79.70 per barrel, down 5.23%, while the US benchmark, West Texas Intermediate, stood at $75.62 per barrel.
The combined effect of NNPC's two price reductions and Dangote Refinery's lower ex-depot rate is expected to increase pressure on filling station operators to follow suit, though retail prices remain subject to variation by location and marketer.
Depots announce new petrol prices
Earlier, Legit.ng reported that private depots have adjusted their petrol prices, but Dangote Refinery remains the cheapest place to buy petrol at N1,166 per litre, down from N1,215 previously.
The latest depot price list shows that PMS prices range from N1,166 to N1,182 per litre across the locations listed.
Dangote Refinery and Pinnacle are currently the lowest-priced suppliers, while Liquid Bulk and Matrix recorded the highest price of N1,182 per litre.
Source: Legit.ng
