A Price War That Benefits Nigerians
Nigerians can look forward to more reductions in petrol prices as the Nigerian National Petroleum Company Limited (NNPCL) and Dangote Refinery engage in a fierce price war. This competition has already led to significant drops in fuel prices, offering much-needed relief to consumers grappling with the high cost of living.
The Price War Heats Up
On Monday, March 4, 2025, NNPCL announced new petrol prices of N860 per litre in Lagos and N880 per litre in Abuja and other parts of the country. This move comes just days after Dangote Refinery reduced its petrol price to N880 per litre at its partner outlets, including MRS filling stations.
The price war between the two giants has created a competitive market, allowing Nigerians to choose between NNPCL and Dangote retail outlets based on pricing and convenience.
Marketers Predict Further Price Drops
Industry leaders have welcomed the competition, predicting that it will lead to even lower petrol prices in the coming weeks. Billy Gillis-Harry, National President of the Petroleum Retailers Outlets Owners Association (PETROAN), described the situation as a “necessary business matrix” that benefits Nigerians.
“The new price has been reflected on our portal. This price reduction will be a huge relief to many Nigerians struggling to make ends meet,” Gillis-Harry told DAILY POST. He added that PETROAN is engaging NNPCL to further reduce prices for the benefit of both consumers and marketers.
Abubakar Maigandi, President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), echoed this sentiment, calling the price war a “beauty of deregulation.”
“This is what we have been telling the government to do—deregulate the sector. The price will start coming down. Investors have started coming. The reduction in petrol price means joy to Nigerians and marketers,” Maigandi said.
A Win for Nigerians
The ongoing price war is a rare piece of good news for Nigerians, who have faced rising fuel prices and economic challenges in recent years. The competition between NNPCL and Dangote Refinery is expected to drive further price reductions, easing the financial burden on households and businesses alike.
How It Started
The rivalry between NNPCL and Dangote Refinery began on September 15, 2024, when Dangote Refinery rolled out its Premium Motor Spirit (PMS) products. Since then, the refinery has consistently offered competitive pricing, forcing NNPCL to adjust its rates to remain relevant in the market.
What’s Next?
As the price war intensifies, Nigerians can expect more fluctuations in petrol prices. Industry experts believe that the competition will ultimately lead to a more stable and affordable fuel market, benefiting both consumers and the economy.
