Nigerians can finally breathe a sigh of relief as the Nigerian National Petroleum Company Limited (NNPC) has reduced the ex-depot price of petrol from N890 to N825 per litre.
This price cut comes amid growing competition in the country’s oil sector, bringing hope for further reductions in fuel costs.
NNPC’s Price Adjustment: What You Need to Know
Speaking on the development, NNPC’s spokesperson, Olufemi Soneye, confirmed that the company regularly adjusts fuel prices based on market conditions.
He emphasized that since deregulation, NNPC no longer makes formal announcements for routine price changes, as they are now determined by supply and demand.
This latest reduction follows a similar move by Dangote Refinery, which lowered its ex-depot price by N65 per litre on March 1, 2025. As a result, fuel prices at partner retail stations now stand at:
✅ N860 per litre in Lagos
✅ N870 per litre in the South-West
✅ N880 per litre in the North
✅ N890 per litre in the South-South and South-East
Why Are Petrol Prices Dropping?
Experts say the price cut is driven by three major factors:
✔️ Stronger Naira: The Nigerian currency has gained against the dollar, making fuel imports cheaper.
✔️ Lower Global Crude Prices: A decline in international oil prices is influencing local fuel costs.
✔️ Increased Market Competition: More players in the oil sector are pushing for competitive pricing.
However, while the price slash benefits consumers, independent marketers are counting their losses.
Many had stocked up fuel at higher rates before the reduction, leaving them struggling with unexpected financial setbacks.
PETROAN and IPMAN React
The Petroleum Retailers Outlet Owners Association of Nigeria (PETROAN) has praised the price reduction, noting that it will help lower transportation costs for Nigerians.
PETROAN President, Dr. Billy Gillis-Harry, also commended Dangote Refinery for its refund initiative, which aims to compensate retailers who bought fuel at old prices.
Similarly, Independent Petroleum Marketers Association of Nigeria (IPMAN) spokesperson, Chief Chinedu Ukadike, acknowledged that while the price drop benefits Nigerians, independent marketers are struggling.
Some had millions of litres of fuel in stock before the price slash, causing huge losses.
What’s Next?
With increased competition in the oil sector and ongoing currency fluctuations, Nigerians are hopeful for even lower fuel prices in the coming months.
As the industry evolves, all eyes are on both NNPC and private refiners to see if they will continue to ease the cost of petrol for consumers.
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