NNPC Reduces Fuel Price, After Dangote Promises To Refund Customers Who Bought Fuel Above Advertised Rates

NNPC, Nigerian National Petroleum Company Limited has reduced the price of Premium Motor Spirit (PMS), also known as petrol, to N860 per litre from N890 per litre as competition intensifies in Nigeria’s downstream sector.

NNPCL’s spokesperson, Olufemi Soneye, confirmed the development.

He stated that since deregulation, the company has consistently adjusted prices in response to market dynamics.

According to him, as an energy company, it is not NNPC’s practice to issue press releases or make public announcements for routine price adjustments at the pump, as such changes are a fundamental aspect of a market-driven system.

Soneye further explained that price adjustments occur regularly, reflecting the influence of market forces.

He noted that this approach ensures energy security for the nation while fostering an open and competitive environment where every Nigerian interested in the sector can participate freely in line with established regulations.

This price reduction follows a similar move by Dangote Refinery, which took effect on March 1, 2025.

Dangote slashed its ex-depot price by N65 per litre, leading its partner retail outlets to adjust their pump prices.

The new prices stand at N860 per litre in Lagos, N870 per litre in the South-West, N880 per litre in the North, and N890 per litre in the South-South and South-East.

According to Dangote Refinery, this price adjustment is designed to provide essential relief to Nigerians, particularly in celebration of the Ramadan season.

The move also supports President Bola Ahmed Tinubu’s economic recovery policy by alleviating the financial burden on the Nigerian populace.

The refinery emphasised that it has consistently lowered the prices of petrol and other refined petroleum products for the benefit of Nigerians.

This marks the second reduction in February 2025, following a previous decrease of N60 earlier in the month.

Also, Dangote Refinery has initiated a refund of N65 per litre for retail outlets that purchased PMS at the previous higher rates.

This refund applies to over 200,000 metric tonnes of PMS purchased before the price cut, amounting to a N16 billion loss absorbed by Dangote.

The PETROAN president noted that this move underscores the refinery’s commitment to fair pricing and consumer welfare.

He further explained that the refund initiative will positively impact retail outlet owners, helping to mitigate losses for those who had stocked PMS at higher rates before the price adjustment.