NNPC Slashes Petrol Prices: Latest Update on Fuel Costs in Nigeria

Great news for Nigerian motorists! The Nigerian National Petroleum Company Limited (NNPC Ltd) has announced a significant reduction in the pump price of Premium Motor Spirit (PMS), commonly known as petrol, across its retail outlets nationwide. As of July 24, 2025, petrol prices have dropped to ₦890 per litre in Abuja and ₦865 per litre in Lagos, marking a welcome relief for consumers amid rising inflation. This follows a series of price cuts driven by market competition and the influence of Dangote Refinery’s recent ex-depot price reductions.

What’s Driving the Price Drop?

The latest adjustment comes on the heels of Dangote Refinery lowering its ex-depot price to ₦820 per litre earlier in July 2025, down from ₦840 per litre. NNPC, which sources petrol from Dangote for its Lagos stations, has responded by aligning its retail prices to remain competitive in Nigeria’s deregulated downstream oil sector. According to industry experts, this “price war” between NNPC and Dangote is fostering a consumer-friendly market, with benefits like:

• Lower transportation costs for commuters and businesses.

• Reduced financial burden on households grappling with high living costs.

• Increased competition, preventing monopolistic pricing in the sector.

As Bismarck Rewane, Managing Director of Financial Derivatives Company Limited, noted, “In a price war, consumers win in the short run,” predicting further price stabilization through June 2025.

How Prices Vary Across Nigeria

While NNPC stations in Abuja and Lagos are selling at ₦890 and ₦865 per litre, respectively, prices at other outlets vary slightly:

• In Ibadan, Oyo State, NNPC retail outlets are selling at ₦875 per litre.

• Some Dangote partners, like MRS Oil, are offering petrol at ₦885 per litre in Abuja.

• Independent marketers, such as A.A. Rano along Airport Road in Abuja, are selling at ₦945 per litre, reflecting slower adjustments due to old stock.

The Petroleum Retailers Outlet Owners Association of Nigeria (PETROAN) has praised both NNPC and Dangote for these reductions, stating they will help tame inflation and ease economic pressures. PETROAN’s National President, Dr. Billy Gillis-Harry, also commended Dangote’s initiative to refund ₦65 per litre to marketers who purchased at higher rates, ensuring consumers benefit from the price cuts.

What This Means for Nigerians

This price reduction is a significant step toward affordability, especially as Nigeria navigates the challenges of a post-subsidy era. The NNPC’s proactive adjustments, coupled with Dangote Refinery’s efficient production, signal a shift toward a more sustainable and competitive fuel market. Key impacts include:

• Cheaper commuting for millions reliant on petrol-powered vehicles.

• Boost for small businesses dependent on fuel for generators due to unreliable electricity.

• Economic relief ahead of festive seasons and Ramadan, aligning with President Bola Tinubu’s Renewed Hope Agenda.

Stay Informed

While NNPC has not issued an official statement on the latest price drop, checks at retail outlets confirm the new rates. Motorists are advised to patronize NNPC stations or Dangote partners like MRS, Ardova, and Heyden for the cheapest fuel. Independent marketers may take time to adjust prices as they clear old stock, so compare prices at local stations.

For real-time updates, follow credible news sources or visit NNPC Ltd’s official website. Have questions about fuel pricing or supply? 

Contact NNPC via info@nnpcgroup.com.