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, as reported by Legit.
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.
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.
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