The Nigerian National Petroleum Company Limited (NNPC) has announced a reduction in the pump price of Premium Motor Spirit (PMS), commonly known as petrol, to ₦860 per litre. This move comes amid escalating competition among major oil marketers and independent petroleum dealers, as well as fluctuations in global crude oil prices.
In a related development, Dangote Petroleum Refinery recently reduced its ex-depot price of PMS by ₦65, bringing it down from ₦890 to ₦825 per litre, effective February 27, 2025. This adjustment aims to provide relief to Nigerians ahead of the upcoming Ramadan season and supports President Bola Ahmed Tinubu’s economic recovery policies by alleviating the financial burden on the populace.
Under the new pricing structure, consumers can expect the following prices at various retail outlets:
MRS Holdings stations: ₦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.
AP (Ardova Petroleum) and Heyden stations: ₦865 per litre in Lagos, ₦875 per litre in the South-West, ₦885 per litre in the North, and ₦895 per litre in the South-South and South-East regions.
The Dangote Refinery has assured the public of a consistent supply of petroleum products, with sufficient reserves to meet domestic demand and a surplus for export, aiming to enhance the country’s foreign exchange earnings. The company has called on marketers to support this initiative to ensure that Nigerians remain the primary beneficiaries of these efforts.
These developments highlight the dynamic nature of Nigeria’s downstream petroleum sector, reflecting the impact of market competition and global oil price trends on domestic fuel pricing.