Again, NNPC Reduces Petrol Prices as Private Depots Lower Rates
- NNPC Ltd reduced petrol prices in Lagos and Abuja, with Lagos seeing the steeper drop of N60 per litre
- Several private depot operators in Lagos also cut their rates after the Dangote Refinery slashed its gantry price on August 5
- Diesel prices fell sharply at multiple Lagos depots, with some operators recording reductions of up to N100 per litre
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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 (NNPC Ltd) has cut petrol prices at its outlets, as competition among depot operators and domestic refiners continues to push rates lower across the country.
Legit.ng checks on Monday, August 10 showed that petrol now sells at N1,205 per litre in Lagos, down N60 from the previous rate of N1,265.
In Abuja, the pump price dropped by N15 to N1,280 per litre from N1,295.
Source: UGC
Private Depots Follow With Their Own Cuts
The NNPC move comes alongside significant reductions by private depot operators in Lagos, data from Petroleumprice.ng showed.
Depot pricing data shows that several major operators have adjusted their petrol rates downward following recent price cuts by domestic refiners.
In Lagos, MRS Tincan reduced its petrol price to N1,172 per litre from N1,222, representing a N50 reduction.
Pinnacle now sells at N1,165.70 per litre, down from N1,215, while Aiteo reduced its price to N1,168 from N1,217.
Similarly, NIPCO cut its petrol price to N1,168 from N1,218, while Integrated reduced its rate to N1,169 from N1,218.
African Terminal also lowered its petrol price to N1,169 per litre from N1,218.
The reductions could provide room for more filling stations to review their pump prices downward, depending on their existing stock levels and operating costs.
Dangote Refinery Sparks the Broader Price War
Dangote refinery triggers fresh price cuts
The latest adjustments followed a reduction in petrol prices by the Dangote Refinery.
The refinery reduced its petrol gantry price to N1,165 per litre from N1,215 on August 5. It also cut the price of diesel to N1,570 per litre from N1,650.
Private depot operators in Lagos, Warri, Port Harcourt and Calabar subsequently reviewed their prices downward.
The price reductions have increased competition among refiners and petroleum marketers, with consumers expected to benefit if the lower depot prices translate into cheaper petrol at filling stations.
Source: Getty Images
Diesel prices also fall
The latest depot data also showed significant reductions in diesel prices in Lagos.
African Terminal, Integrated, Duport, Ibachem and Gulf Treasure all quoted diesel at N1,550 per litre, with each recording a N100 reduction.
Ibeto reduced its diesel price by N80 to N1,550, while T.Time quoted N1,560 after a N70 reduction.
Wosbab and TMDK sold diesel at N1,555, while Menj reduced its price by N45 to N1,575 per litre.
The continued reduction in depot prices could ease transportation and operating costs for businesses if the trend is sustained.
NBS releases list of states with highest, lowest petrol prices
Earlier, Legit.ng reported that Nigerians paid less for petrol, 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
