Petroleum marketers have raised concerns following the Nigerian National Petroleum Company Limited’s (NNPCL) reduction in the price of Premium Motor Spirit (petrol).
On Easter Monday, April 21, 2025, the NNPC directed its filling stations in Lagos to reduce the pump price from N910 to N880 per litre, while in Abuja, the petrol price dropped from N950 per litre to N935.
The move by NNPC comes shortly after the Dangote refinery lowered its ex-depot price from N865 to N835 per litre, prompting adjustments in retail prices by its partners such as MRS, Heyden, Optima Energy, TechnOil and Ardova.
These companies were directed to sell petrol at N890 in Lagos, N900 in the South West, N910 in the South-South, and N920 in the North East, slightly higher than NNPC’s new rates.
Based on NNPC’s new Lagos price, petrol will be N10 cheaper than at Dangote’s partner stations.
The Punch reports that marketers are concerned the new petrol price will expose them to significant financial losses, as many filling stations have yet to sell their old stocks.
Hammed Fashola, the national vice president of the Independent Marketers Association of Nigeria, who confirmed NNPC’s price adjustment, expressed concerns about the financial impact on marketers.
He said:
When asked about future price projections, Fashola declined to speculate, citing volatile factors such as crude oil prices and exchange rates as crucial determinants.
He added:
Similarly, the managing director of Financial Derivatives Company Limited, Bismarck Rewane, said that the price war between Dangote Refinery and NNPCL will benefit the consumer more.
He said:
Earlier, TimesNow.com.ng reported that the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) condemned the persistent fluctuations in petrol prices by the Dangote Refinery and the NNPC.
The marketers said that the changes were causing massive losses and discouraging investment in the sector.
PETROAN, therefore, called for a regulatory framework that mandates price stability for at least six months.
Proofreading by James Ojo, copy editor at TimesNow.com.ng.
Source: TimesNow.com.ng
