The Nigerian National Petroleum Company (NNPC) Limited has reduced the pump price of Premium Motor Spirit (PMS), also known as petrol, from N935 to N910 per litre in Abuja
However, the new price is yet to reflect in Lagos and other parts of the country.
The move comes amid growing market competition, with Dangote Petroleum Refinery having initiated a fresh price cut last weekend. The refinery reduced its gantry price of petrol from N835 to N825 per litre, following a previous reduction last month from N865 to N835 per litre.
According to Vanguard, the latest adjustment is part of Dangote’s strategy to offer better value to consumers and reinforce its dominance in Nigeria’s fuel market.
Petroleumprice.ng reported: “With control over more than 50% of Nigeria’s fuel market, Dangote recently dropped its petrol price to ₦825 per litre. While the refinery hasn’t officially announced this, sources say it offers flexible deals to its bulk marketers, who now resell at ₦830 or slightly lower.
“This approach helps Dangote stay ahead of depot owners facing higher overheads.
“Dangote’s model has closed the price gap by ₦10 to ₦15, applying significant pressure on competitors.
“Nigeria’s fuel market is undergoing a transformation. Crude prices play a minimal role, while local strategies now dominate.
“Dangote’s growing market share stems from aggressive pricing and operational efficiency.”
While the ongoing price war is bringing short-term relief to consumers, experts warn it may reshape the nation’s fuel supply structure in the long run, with Dangote’s influence poised to grow as smaller players struggle to keep up.
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