New Petrol Price Set at N860 by NNPC
The Nigerian National Petroleum Company Limited (NNPCL) has reduced the pump price of Premium Motor Spirit (PMS), commonly known as petrol, from ₦945 to ₦860 per litre.
This adjustment, effective from March 3, 2025, comes in response to recent market dynamics and aims to provide relief to consumers facing high fuel costs.
Market Competition and Price Adjustments:
- Dangote Refinery’s Influence: Prior to NNPCL’s price reduction, Dangote Petroleum Refinery decreased its ex-depot price of petrol from ₦890 to ₦825 per litre. This move, effective from March 1, 2025, was intended to offer relief to Nigerians during the Ramadan season.
- Competitive Pricing: Following Dangote’s reduction, partner retail outlets adjusted their pump prices accordingly. For instance, MRS Holdings stations now sell petrol at ₦860 per litre in Lagos, ₦870 per litre in the South-West, ₦880 per litre in the North, and ₦890 per litre in the South-South and South-East regions.
Implications for Consumers:
The reduction in petrol prices by major suppliers like NNPCL and Dangote Refinery is expected to alleviate some of the financial burdens on consumers. However, prices may vary across different regions and retail outlets due to factors such as distribution costs and regional demand.
Industry Perspectives:
The Independent Petroleum Marketers Association of Nigeria (IPMAN) attributes the recent price reductions to the strengthening of the naira and a decline in global crude oil prices. These factors have contributed to a more competitive market, prompting suppliers to adjust their prices to benefit consumers.
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