The Nigerian National Petroleum Company Limited (NNPCL) has increased the pump price of Premium Motor Spirit (PMS), also known as petrol, to N915 per litre in Lagos and N955 per litre in Abuja.
The product was, prior to this, sold by the NNPC at N890 per litre and N855 per litre in Abuja and Lagos, respectively.
Checks by Chronicle NG revealed that the NNPC retail outlets sold the product for N915 per litre in Lagos, indicating an increase of N50 from the previous price of N865 per litre.
In addition, the price of petrol at two NNPC filling stations on Ago Palace Way in Okota has been raised to N915 per litre.
Five oil marketers – Aiteo, AA Rano, Wosbab, Ibachem, and Sahara – have reduced the depot prices of petrol to N820 per litre from more than N825 per litre as competition in Nigeria’s downstream industry heats up.
The inspections also revealed that, despite the fact that the domestic market has since been deregulated, operators continue to compete among themselves.
Chronicle NG reported that the Dangote Petroleum Refinery was the first to reduce its gantry price to N820 per litre from more than N830 per litre a few days ago, due to the drop of crude oil price to $69 per barrel from more than $70 per barrel.
However, data received from the daily oil and gas market intelligence report over the weekend revealed that marketers chose to lower their pricing in order to remain competitive in the market.
The Chief Executive Officer of Petroleumprice.ng, Olatide Jeremiah, had said, “The downstream sector has been unstable in recent times, due to instability in the global oil market. We should expect to witness such instability in the domestic market. Indeed, competition will drive prices downwards.
“Dangote is most likely to review its prices downwards to edge out private depots in anticipation of August 15, 2025, when Dangote Petroleum Refinery is expected to roll out 4,000 Compressed Natural Gas (CNG) trucks to all retail outlets and companies.”
