A fresh round of competition has erupted in Nigeria’s fuel market as the Nigerian National Petroleum Company Limited (NNPCL) cut the pump price of Premium Motor Spirit (PMS) across its retail outlets, days after Dangote Refinery announced a downward review of its ex-depot rates.
According to DAILY POST, NNPCL outlets in the Federal Capital Territory on Thursday reduced their pump price to ₦890 per litre, down from ₦945 — a ₦55 drop.
The new price has been implemented at several NNPCL stations, including the mega station at Danziyal Plaza, Central Area, Wuse Zone 4, Wuse Zone 6, and other outlets across Abuja.
“It was reduced to ₦890 per litre this afternoon, down from ₦945,” an NNPCL fuel attendant told DAILY POST on condition of anonymity.
The move comes on the heels of a similar price adjustment by MRS Empire Energy, which on Thursday pegged its pump price at ₦885 and ₦946 per litre, down from ₦910 and ₦955 respectively.
Industry watchers link the price cuts to Dangote Refinery’s decision earlier this week to lower its ex-depot petrol price by ₦30, from ₦850 to ₦820 per litre, alongside fluctuations in global crude oil prices.
With major players now undercutting each other, analysts say a fuel price war may be underway — offering temporary relief for consumers but raising fresh questions about the sustainability of current margins in the downstream sector.
