In a surprising move, the Nigerian National Petroleum Company (NNPC) Limited has reduced the pump price of petrol from N935 to N910 per litre in Abuja. However, the new pricing has yet to be reflected in Lagos and other parts of the country, raising speculation about regional rollouts and market dynamics.
According to Vanguard, the price slash is believed to be a response to mounting competition from Dangote Petroleum Refinery, which recently cut its gantry price from N835 to N825 per litre. This follows an earlier reduction from N865, signaling Dangote’s aggressive entry strategy to dominate the fuel supply market.
Industry data from Petroleumprice.ng confirms that Dangote now controls over 50% of Nigeria’s fuel distribution network. Though not officially announced, reports suggest the refinery offers flexible deals to its bulk marketers, who in turn resell petrol at around N830 per litre or less. This has put immense pressure on independent depot owners facing higher operational costs.
“The local market is shifting fast. Crude oil prices no longer define pump prices. Local competition and pricing strategy are now king,” Petroleumprice.ng reported.
While this ongoing price war is giving consumers temporary relief, analysts warn of longer-term market implications. Dangote’s pricing approach is reshaping Nigeria’s fuel economy, and smaller players may struggle to keep up with the low-margin, high-volume tactics.
The fuel market in Nigeria appears to be entering a new era of competition, where local refineries and pricing power will determine the direction of pump prices nationwide.
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