Nigerians may soon see further reductions in the price of premium motor spirit (PMS), also known as petrol, as a fresh price war unfolds between the Nigerian National Petroleum Company Limited (NNPCL) and Dangote Refinery. On Monday, March 3, NNPCL announced new petrol prices ranging from ₦860 to ₦880 per litre, with its retail outlets now reflecting the ₦880 per litre price tag.
This move comes shortly after Dangote Refinery lowered its own petrol price to ₦880 per litre, intensifying competition between the two energy giants. Reacting to the development, the National President of the Petroleum Retailers Outlets Owners Association, Billy Gillis-Harry, and the President of the Independent Petroleum Marketers Association of Nigeria, Abubakar Maigadi, expressed optimism that petrol prices will continue to fall as the competition heats up.
Gillis-Harry described the situation as a “necessary business war” that ultimately benefits Nigerians.
“This price reduction is a huge relief for many Nigerians struggling to make ends meet,” he said.
“We are also engaging with NNPCL to bring down petrol prices further for the benefit of both Nigerians and marketers.”
Similarly, Maigadi praised the ongoing changes in the downstream oil and gas sector, calling it the “beauty of deregulation.”
“This is exactly what we have been advocating—full deregulation. Now, we are seeing investors enter the market, and prices are beginning to drop,” Maigadi said.
“This price reduction is great news for both Nigerians and petroleum marketers.”
