NewStats: 3,264,065 , 8,182,474 topics. Date: Monday, 09 June 2025 at 02:00 PM 292xk

Petroleum product marketers on Monday lamented their losses as the Nigerian National Petroleum Company Limited reduced the price of Motor Spirit (petrol) to N880 per litre in Lagos and N935 in Abuja.

From N925, some NNPC retail outlets in Lagos changed their pump price to N880 on Easter Monday, while those in Abuja adjusted from N950 to N935.

The NNPC price reduction came barely a week after the Dangote refinery lowered its ex-depot price from N865 to N835 per litre.

The $20bn refinery also directed its partners like MRS, Heyden, and Ardova to sell a litre of petrol at the rate of N890 instead of N920 in Lagos, N900 in the South West, N910 in the South-South, and N920 in the North East.


The PUNCH observes that the new NNPC price in Lagos is N10 lower than that of the Dangote refinery, signalling another price war between the two companies.

Our correspondent reports that some NNPC filling stations are still selling at the old rate. But marketers said these stations were given the liberty to exhaust old stock before adjusting to the new prices.

In an interview with our correspondent, the National Vice President of the Independent Marketers Association of Nigeria, Hammed Fashola, confirmed the price reduction, stressing that filling station operators were losing money.


He told our correspondent that NNPC Retail sent a memo to its outlets to effect the new prices.

“It is confirmed that NNPC has reduced PMS prices. It is now N880 per litre in Lagos. They sent messages to their retail outlets. Some of them have already put the price at N880. However, they allow those having old stock to continue selling at the old rate. Some are still selling at N910.

https://punchng.com/marketers-decry-losses-as-nnpc-drops-petrol-price-to-n880-litre/?fbclid=IwY2xjawJ0EDtleHRuA2FlbQIxMQABHnb8rLlXMkVt-rHlyQBqSgRVCKR0w8Uen4kUoxmpgesn_hfdp5lnDP-ZnVXS_aem_auicAEKN1eWW3eyIX1YUFg

Well, their loss is our gain. I don't know how the insurance system in that industry works, but shouldn't it take care of circumstances like this? Nigeria is a tricky place. Policies are made without regard or concern about its effects. Well, the marketers can use profit from its sudden rise for the month or so as cushion. The industry is volatile, they should have back up plans by now. Nigeria happens to everyone, regardless of how little.

Lol....


Make Dem use d gain wen dem get once rate go up and they still have old stock....

Is this not part of what deregulation is all about, leaving the price to be determined by the market force of competition?

When the price jumped from 197 to 617 and it even went over 1000.Did the marketers not smile to the bank? Did they not immediately increase their price even when they had the old stock. Who felt the pinch? Was it not the average man on the street.

The reduction is even marginal and the marketers are behaving like the price was reduced back to 197

Ogbeni, open your station and sell the fuel jare! Abi you want to drink it

Mugu

Dangote be like Ibadan..


The Pacesetter.

as usual when ever there remove five naira or ten Naira it will be celebrated by their ers 😂

The previous Boss wpudknt have adjusted further but rather leave it at parity. Let the competition starts

When you dey gain nko ... We no hear about that one ooo

Dey play

Marketers crying, lol.

It's just business.

This is the new reality with subsidy removal. Now there is price competition, and the oil price determines the score.

Subsidy removal should have happend since 1993 though. And 2012 was the best time it should have happened.

But when there's increment, you won't hear let's sell the old stock at the old price... 9ja my country

We are used to the cry. Give them tears bucket.

All I know is that subsidy is gone forever. Even those deceiving you would never reverse it. Dem just dey play you like cards.

Purevibe74:
as usual when ever there remove five naira or ten Naira it will be celebrated by their ers 😂

So, you want us to go back to subsidy, and to the resultant debt servicing eating 90% of government revenue again.?

Yeah, APC ers are jokes, but at the end, there is no such thing as N40 fuel without government spending over half our budget just on subsides. And most of it would be smuggled to other African countries anyway.

Are we supposed to celebrate this 😏😏

In three weeks time they would adjust it to ₦990

And bring it down to ₦900 🤧🤧


I think it's time we sell this country on Temu

Great. Let it go back to 87 Naira

G

Why is Dangote now the benchmark when we a functional refinery at port Harcourt according to NNPC

Dangote over to you another dropingthis time to #200

Lol…the rate wey this thing dey go…marketers go soon go extinct

Must they Import? Why dnt they get refined products from dangote?

IBB007:
Lol…the rate wey this thing dey go…marketers go soon go extinct

as he they pain them he dey sweet us

ClearFlair:
Great. Let it go back to 87 Naira

It will never get back there

Even that N87 was an artifical price. By that time, most stations were selling above N100. The ones that sold at N87 were mostly out of fuel, or when they had fuel , had long queues. Government was struggling to keep the subsidy. Only NNPC stations had fuel all the time, and the queues there were scary.

At that time the actual price would have been somewhere around N115-20 or more.

And guess what, people still complained back then IT WAS TOO expensive, and longed for the days of fuel being N65.

At the end of the day, a lot of Oil and Gas investors are either going to exit the industry or be forced to align with Dangote refinery.

The other alternative is to purchase fuel from NNPC refinery.
This will discourage the importation of fuel and possibly end it.

WonderManly:



https://punchng.com/marketers-decry-losses-as-nnpc-drops-petrol-price-to-n880-litre/?fbclid=IwY2xjawJ0EDtleHRuA2FlbQIxMQABHnb8rLlXMkVt-rHlyQBqSgRVCKR0w8Uen4kUoxmpgesn_hfdp5lnDP-ZnVXS_aem_auicAEKN1eWW3eyIX1YUFg

I just detest hearing this old stock thing. When price increase, do they exhaust old stock before increasing their price?

EPIJOE:
Must they Import? Why dnt they get refined products from dangote?

Because Dangote cannot meet domestic need. He is meeting half of it, which is good enough.