The Nigerian National Petroleum Company Limited mulls fresh premium motor spirit price reduction as MRS filling station, in partnership with Dangote Refinery, announced a fuel pump price cut on Monday.

The National President of Petroleum Products Retail Outlet Owners Association, Billy Gillis-Harry, and Spokesperson for Independent Petroleum Marketers Association of Nigeria, Chinedu Ukadike, made this known in a separate exclusive interview with DAILY POST.

The development follows MRS filling station’s announcement of a fuel price reduction on Monday, for the first time in 2025.

The oil firm stated on Monday in its official X account that its pump price had dropped to N925 per litre in Lagos, South West (N933), North (N945), and South-East (N955). The new per litre price drop is from around N970 previously sold by the company.

This comes weeks after Dangote Refinery, on February 1, 2025, announced an ex-depot price drop to N870 from N970 per litre.

Reacting, Gillis-Harry and Ukadike were optimistic that NNPCL will, in the coming days, announce a PMS price reduction to remain relevant in the country’s downstream sector.

Gillis-Harry said that “NNPC has no choice but to reduce petrol retail prices because it is not possible to see a product at a cheaper price and still go for NNPCL.”

Similarly, Ukadike explained that since the price war between Dangote Refinery and NNPCL persists, the latter cannot afford to do anything other than a price reduction.

“It is likely that NNPCL will drop its price because there is a price war with Dangote Refinery. Once Dangote Refinery announces a price drop, NNPC will follow suit,” he said.

Why petrol price reductions by Dangote and NNPCL is not impacting transportation costs, others

Despite the recent petrol price reduction by MRS filling stations, Gillis-Harry noted that the cost of transportation and food prices have remained stagnant.

According to him, the weak purchasing power of Nigerians is the major reason the fuel price reduction is not impacting food prices and transportation costs.

“If you watch, the cost of transportation has not reduced in spite of the reduction of fuel at the retail market. That tells you that the purchasing power of Nigerians is very weak.

“In my opinion, we need to engage Nigerians in production activities such as farming, fishing, and technology.

“Go to the park, you will see that the price of transportation cost has not been impacted by the fuel reduction,” he stated.

However, Ukadike said that the impact of the petrol price reduction will be felt on transportation, goods, and services in the long run.

“The impact will be gradual; it will eventually impact transportation and others,” he noted.

Concerns over frequent petrol price adjustments

Gillis-Harry frowned at the frequent adjustments of petrol price by actors in the oil and gas sector.

He noted that incessant price adjustments will affect petrol security.

He added that arbitrary petrol price hikes cause serious losses to marketers who might lift fuel stock before the arrival of new stock.

“There was a lot of fuel that was purchased at the old price that is still in the system, and they have not been sold.

“Marketers cannot sell below the cost price. It is completely impossible for someone to buy a product at N970 per litre and sell below the purchase price.

“MRS that is trying to deepen the distribution process with PETROAN and Dangote Refinery still has the same challenge of the buying power,” he told DAILY POST.

DAILY POST reports that last December, Dangote Refinery had slashed its petrol ex-depot price from N899.50 per litre to N970.

NNPCL also announced a PMS price drop to petroleum markets.

The price rivalry between NNPCL and Dangote pushed fuel prices down in the last lap of 2024.

Greenlandz:
Reduce it back to 270 or nothing

Apel147:
When ur papa build refinery please reduce it to 65 Naira

Greenlandz:
Reduce it back to 270 or nothing

Deltafirstson:
Although the pump price of fuel was N197 when President Bola Tinubu took over on May 29, 2023, the product now sells for N617 per litre – less than two months after.

In his inaugural address, Tinubu announced that subsidy was gone, fulfilling a promise that all leading presidential candidates made during the campaign.

However, pump price of fuel hit N537 per litre days after Tinubu ended subsidy.

On Tuesday, the price climbed further to N617, a development that the Nigerian National Petroleum Corporation Limited (NNPCL) attributed to “market forces”.

Nigerians have been lamenting the hardship occasioned by fuel price hike. Amid the lamentation, a video where Tinubu campaigned to slash the price of fuel went into circulation.

Checks by Daily Trust affirmed the authenticity of the video uploaded on the YouTube page of Channels Television.

At his campaign rally in Abeokuta, Ogun State capital, on January 25, 2023, Tinubu spoke on a number of issues, but those of fuel scarcity and naira redesign made the headlines.

However, Tinubu who spoke in Yoruba language, also assured the crowd that though people were saying petrol price would hit N200, it would be reviewed downward under him.

“The great Nigerian youths, the great Nigerian students, the confident Nigerian youths. This is a revolution. This election is a revolution. They are plotting, but they will fail. They said fuel price will increase and reach N200 per litre. Go and relax, we will bring it down,” he had said in the 7th minute of the video.

King Wasiu Ayinde Marshall, a Fuji musician who performed at the rally, interrupted the president’s speech with chants as the crowd cheered.

On the campaign podium with the president were Vice-President Kashim Shettima; Pa Bisi Akande, interim National Chairman of the APC; Femi Gbajabiamila, Chief of Staff to the President; Senator Gbenga Daniel; among other bigwigs of the ruling party.

Tinubu went further to say Nigerians would defy the acute fuel scarcity at the time and trek to cast their votes.

“The great Nigerian youths, the great Nigerian students, the confident Nigerian youths. This is a revolution. This election is a revolution. They are plotting, but they will fail. They said fuel price will increase and reach N200/N500 per litre. Go and relax, we will crash the prices,” he had said.

https://dailytrust.com/breaking-video-of-tinubu-campaigning-to-crash-fuel-

he had said in the 7th minute of the video.

https://www.youtube.com/watch?v=4JH8CC_JdUA

Mamaafrik1:
Obviously we need grant more licences to refiner so as to obtain unhighly competitive markets .
In Nigeria and I see a lot of the price of these commodities Going down if these step is taken.

anonimi:
Neo-black Problem: Must Blacks Be Ruled by Whites in Order to Prosper?

In short, the neo-black dilemma may be framed as follows: is it better to live under white rule without political dignity but with basic life-sustaining standards for many;

or to live under black rule with illusory political dignity and without basic life- sustaining standards for the majority?
@
@
The path forward for Africa lies in cultivating higher and adequate levels of personal and communal agential integrity as well as full personal responsibility and productivity. Not to mention creativity (including epistemic creativity), productive justice (such as merit and freedom), harmony and reconciliation at local and international levels, and a proper domestication of capitalism and other related values and institutions.

Africa must stop wasting her time on dreams of socialism because it is a system of wealth distribution primarily. Whereas, capitalism is a system of wealth creation primarily, and wealth has to be produced before it can be distributed.

https://www.thisdaylive.com/index.php/2024/10/12/neo-black-problem-must-blacks-be-ruled-by-whites-in-order-to-prosper/

fineboynl:
those 50-100 will not do anything to the economy. Only private car owners benefit from it. And commercials drivers.

Before public transport will come down there will be a cut at least from 400.

Mamaafrik1:
Obviously we need grant more licences to refiner so as to obtain unhighly competitive markets .
In Nigeria and I see a lot of the price of these commodities Going down if these step is taken.

VeeVeeMyLuv:

The price in Egypt and Algeria is 0.338dollars converted to naira around 500 naira and their petrol industry is fully deregulated and all subsided removed for years now.

So explain why it is double the price in Nigeria at 1000+ naira and still largely regulated.

So if it is fully deregulated (all subsidies removed) it will be like 5000 naira per liter?

The joke is on you guys
Your master PBAT and co are decieving you
Please go find another job

AllBlack:
Reduce it by one naira and let APC online miscreants have something to come online and praise Tinubu about. They really need to justify their 30k salary.

Apel147:
When ur papa build refinery please reduce it to 65 Naira

francisbarrack:


Wetin concern him papa with price reduction...

AmazingGenius:

Source: https://dailypost.ng/2025/02/11/nnpcl-under-pressure-to-reduce-petrol-price-amid-rivalry-with-dangote-refinery/

AmazingGenius:

Source: https://dailypost.ng/2025/02/11/nnpcl-under-pressure-to-reduce-petrol-price-amid-rivalry-with-dangote-refinery/

Mamaafrik1:
Obviously we need grant more licences to refiner so as to obtain unhighly competitive markets .
In Nigeria and I see a lot of the price of these commodities Going down if these step is taken.

Ijaya123:


More refineries will not bring down the price. It is international price of crude oil that determines the cost of fuel everywhere in the world.

Apel147:
So subsidy should come back then? Because a barrel of crude is not sold differently anywhere in the world! Even if we have 100 refineries the prices can't go lower than they should be except govt is subsidizing or dangote n likes decides to buy, refine and give it freely to Nigerians! What happened to the secret subsidy that you are enjoying on imported petrol?

Gboss247:
At what age will you stop deceiving with competition