NNPCL Cuts Fuel Ex-Depot Price to N899 Amid Dangote Refinery Competition
The Nigerian National Petroleum Company Limited (NNPCL) has slashed the ex-depot price of Premium Motor Spirit (PMS) to N899 per litre, down from the previous N1,020. This adjustment is seen as a direct response to the competitive pricing strategy of Dangote Refinery, which recently announced a pre-holiday discount price of N899.50 per litre at its loading facilities.
Ex-depot price refers to the cost marketers pay to purchase fuel at depots, which significantly influences the retail price at filling stations. Following the price adjustment, Dangote Refinery disclosed that its petrol will retail at N935 per litre nationwide starting tomorrow through its partnership with MRS, a petroleum marketing company.
In a statement on its official X (formerly Twitter) account, the Dangote Group said: “To ensure the price reduction gets to the end consumer, we have signed a partnership with MRS to sell petrol from its retail outlets nationwide at N935 per litre.”
The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) confirmed the NNPCL price reduction. PETROAN’s National Public Relations Officer, Dr. Joseph Obele, said: “The Nigerian National Petroleum Company Limited has taken a significant step in response to the competitive impact of deregulation in the downstream sector. The company recently reduced the ex-depot price of Premium Motor Spirit from N1,020 to N899 per litre.”
Dangote Refinery had earlier stated that its price cut was aimed at easing transportation costs during the festive season. “To alleviate transport costs during this holiday season, Dangote Refinery is offering a holiday discount on PMS. From today, our petrol will be available at N899.50 per litre at our truck loading gantry. Additionally, consumers can purchase an extra litre on credit for every litre bought in cash, secured by a bank guarantee from Access Bank, First Bank, or Zenith Bank,” the company announced.
The group further emphasized that the new retail price of N935 per litre had already commenced in Lagos and would be implemented nationwide starting Monday.
The move by both NNPCL and Dangote Refinery highlights the growing competition in Nigeria’s deregulated downstream petroleum sector, with industry stakeholders praising the price reductions as a relief for consumers during the holiday season.
