In a major move set to shake up Nigeria’s oil market, the Nigerian National Petroleum Company Limited (NNPCL) has reduced its petrol pump price to ₦870 per litre, slicing ₦10 off its previous rate.

This change makes NNPC filling stations the cheapest in the country, beating rates set by Dangote Refinery partners, who recently adjusted their prices to ₦875 in Lagos.

Confirming the new development, a filling station attendant in Lagos, Ademola, told Legit.ng:”This morning, we received instructions to adjust the pump price from ₦880 to ₦870 per litre.”

The price cut appears to be a direct response to ongoing competition with the Dangote Refinery, which recently instructed partner stations like MRS, Ardova Plc, TechnoOil, and Hyde to reduce prices across different regions.

New regional rates now stand at:Lagos: ₦875

South-West: ₦885

North-East: ₦905

North-West & Central: ₦895

South-South: ₦905

NNPC’s aggressive pricing has triggered a chain reaction. Mobil, Petrocam, and Matrix stations in Lagos have also reduced their prices, with Mobil’s rate dropping to ₦875.

Market analysts say this price war is good news for Nigerians. Renowned economist Bismarck Rewane, MD of Financial Derivatives Company, weighed in:“We expect a further decline in fuel prices until June 2025.

This trend supports economic stability and benefits consumers.”At the depot level, marketers are also adjusting.

Dangote Refinery cut its wholesale price to ₦827 per litre, while Eternal Oil, NIPCO, and AA Rano followed suit with similar reductions.

The diesel market is seeing changes too. Chipet and Menj dropped diesel prices slightly, while NIPCO made a significant cut from ₦940 to ₦915 per litre. However, Dangote held firm at ₦925.