*The National National Petroleum Company follows suit, after Dangote Petroleum Refinery’s price slash as the state oil company announces PMS price cut to N860 per liter across its retail stations, especially in Lagos State

Alexander Davis | 绿帽献妻

In a swift move after Dangote Petroleum Refinery effected a product price adjustment recently, the National National Petroleum Company (NNPCL) Monday, March 3, 2025, also reduced its pump price of the Premium Motor Spirit (PMS), otherwise known as petrol to N860 per litre across its stations, especially in Lagos State.

绿帽献妻 reports the interesting development in the downstream petroleum sector is sparking the continuing price war between the state oil company on the one hand and independent oil marketers months on the other hand.

As the NNPCL announced the PMS price reduction, oil marketers though confirmed the price change, said the state oil company was yet to send an official memo to them concerning the new price, according to report.

Competition for the market share continues to heighten between the Dangote Refinery and NNPCL, as a market survey by Channels TV Tuesday, March 4, as well confirmed the development.

It is noted that the price cut by the NNPCL Limited came just a few days after Dangote had announced that it would absorb N16 billion loss by refunding N65/litre to marketers so Nigerian energy consumers could benefit from cheaper fuel.

Dangote Refinery’s latest announcement of another price cut is reportedly setting another price regime for the petrol market in the West African country.

Dangote Group, in a statement at the weekend disclosed it would refund the company’s customers who had purchased Premium Motor Spirit at rates higher than the advertised prices from any of its key partners 鈥� AP (Ardova Plc), Heyden, or MRS 鈥� across Nigeria.

The market development was sequel to the private refinery鈥檚 recent reduction of its gantry price from N890 per litre to N825 per litre.

Dangote Refinery also stated that the measure is part of its ongoing efforts at ensuring that Nigerians are the primary beneficiaries of the price reduction and that it is in line with President Bola Ahmed Tinubu鈥檚 Renewed Hope Agenda, which aims to stimulate the economy.

Dangote further stated: “The step, effective February 27, 2025, guarantees that none of our valued business partners will experience a loss due to the price change.

“More importantly, it ensures that the new, lower rate takes immediate effect nationwide for the benefit of the Nigerian people.”

A report said the Dangote Refinery and the NNPCL鈥檚 Port Harcourt Oil Refinery are currently the only petrol producers in Nigeria.

However, the NNPC recently said it still buys petrol from the Dangote Refinery for its Lagos stations, as it is yet to import any fuel this year, report noted.

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