The Nigerian National Petroleum Company Limited (NNPCL) has cut petrol prices to ₦785 per litre in Lagos and ₦815 per litre in Abuja, as competition in Nigeria’s deregulated downstream market intensifies.
Previously in Abuja, petrol was sold at ₦835 per litre, while today’s reduction to ₦815 per litre reflects ongoing competition, domestic refining influence, softer ex-depot costs, and intensified pricing pressure among downstream marketers.
Context from NNPCL CEO
Days before the new adjustment, NNPCL Group CEO Bayo Ojulari described the market tension as a “necessary transition” from decades of fuel import dependence to a domestically driven, competitive refining system.
Ojulari said competition pushes prices down, benefiting consumers despite short-term disruptions. He added that NNPCL, as a fully commercial company, now competes, raises financing independently, and operates profitably like any other energy business.
Competition Intensifies
Industry watchers note that the price cuts also reflect NNPCL’s efforts to defend market share against private marketers. Notably, MRS recently lowered its pump price to ₦739 per litre, intensifying the competitive pressure.
Analysts say the latest reductions signal a more transparent and consumer-friendly downstream market, with Nigerians now benefiting from falling pump prices and a stronger role for domestic refining.