Following the recent drop in petrol prices by the Nigerian National Petroleum Company Limited (NNPCL) and Dangote Refinery -- in what appears to be a "petrol price war" -- petroleum marketers have expressed their satisfaction with the development.
They have also assured Nigerians to expect further price reductions. It will be recalled that NNPCL recently announced its new petrol prices, ranging between N860 and N880 per litre in locations such as Lagos, the Federal Capital Territory (FCT), and other parts of the country. Fuel stations in the FCT have already begun implementing the new pricing.
A statement from the National President of Petroleum Retailers Outlets Owners Association, Billy Gillis-Harry noted: "The new price has been reflected on our portal." Marketers believe this reduction will bring significant relief to Nigerians struggling with high living costs.
"The reduction in PMS prices is expected to positively impact Nigerians' lives. We are engaging NNPCL to further lower petrol prices for the benefit of both Nigerians and marketers," he further noted.
Similarly, the National President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Abubakar Maigandi, also welcomed the development.
"This is not surprising because Dangote petrol is selling at this rate. We have long advocated for the government to deregulate the sector. Now, prices are starting to decline, and investors are coming in. The reduction in petrol prices brings joy to both Nigerians and marketers," Abubakar told Daily Post.
Meanwhile, SaharaReporters previously reported that Dangote Petroleum Refinery recently announced a reduction in the ex-depot (gantry) price of Premium Motor Spirit (PMS), commonly referred to as petrol.
According to a company statement issued on Wednesday, the price was cut by N65, from N890 to N825 per litre, effective February 27, 2025.
The company explained that this "strategic price adjustment" aims to provide essential relief to Nigerians ahead of the Ramadan season while supporting President Bola Ahmed Tinubu's economic recovery policies by reducing financial burdens on the populace.
The statement further noted: "Dangote Petroleum Refinery has consistently lowered the prices of petrol and other refined petroleum products for the benefit of Nigerians.
This marks the second PMS price reduction in February 2025, following an earlier decrease of N60 earlier in the month. In December 2024, during the yuletide season, the refinery reduced the price of PMS by N70.50, from N970 to N899.50 per litre, as part of its commitment to easing the cost of living and providing relief to Nigerians during the holidays."
The company emphasised that this reduction has positively impacted the overall cost of living, benefiting various sectors of the economy.
Furthermore, it helped prevent the usual fuel scarcity and price hikes that typically occur during the festive season.
It was further noted that Nigerians will be able to purchase high-quality Dangote petrol at the following prices across partner retail outlets: - MRS Holdings stations: - Lagos: N860 per litre - South-West: N870 per litre - North: N880 per litre - South-South/South-East: N890 per litre.
Others include AP (Ardova Petroleum) & Heyden stations: - Lagos: N865 per litre - South-West: N875 per litre - North: N885 per litre - South-South/South-East: N895 per litre.