The Nigerian National Petroleum Company Limited (NNPC) has lowered the ex-depot price of Premium Motor Spirit (PMS), commonly referred to as petrol, from N890 to N825 per litre, reflecting the heightened competition in Nigeria’s downstream sector.
NNPCL spokesperson, Olufemi Soneye, confirmed this development in an interview with Vanguard yesterday. He explained that since deregulation, the company has routinely adjusted prices in response to market dynamics.
According to him, it is not NNPC’s usual practice to issue press releases or public announcements for routine price changes at the pump, as these adjustments are integral to a market-driven system.
Soneye elaborated that price modifications occur regularly, driven by market forces. He asserted that this strategy ensures energy security for the nation while cultivating an open and competitive environment, allowing every Nigerian interested in the sector to participate freely in accordance with established regulations.
This price reduction follows a similar move by Dangote Refinery, implemented on March 1, 2025, when Dangote cut its ex-depot price by N65 per litre, prompting its partner retail outlets to update their pump prices. The new prices are set at N860 per litre in Lagos, N870 per litre in the South-West, N880 per litre in the North, and N890 per litre in the South-South and South-East.
Dangote Refinery stated that this price adjustment aims to provide essential relief to Nigerians, particularly during the Ramadan season. Additionally, it aligns with President Bola Ahmed Tinubu’s economic recovery policy, aimed at alleviating the financial burden on the Nigerian populace.
The refinery highlighted its commitment to consistently lowering the prices of petrol and other refined petroleum products for the benefit of Nigerians. This marks the second price cut in February 2025, following an earlier reduction of N60 earlier in the month.
Furthermore, in December 2024, during the Yuletide season, the refinery decreased the price of PMS by N70.50, from N970 to N899.50 per litre, as part of its endeavour to ease the cost of living and provide relief to Nigerians during the holiday period.
The refinery also revealed that Dangote petrol will be available at its partner retail outlets at varying prices. MRS Holdings stations will offer it for N860 per litre in Lagos, N870 per litre in the South-West, N880 per litre in the North, and N890 per litre in the South-South and South-East. Meanwhile, at AP (Ardova Petroleum) and Heyden stations, the product will be available at N865 per litre in Lagos, N875 per litre in the South-West, N885 per litre in the North, and N895 per litre in the South-South and South-East.
