Again, NNPC Reduces Petrol Price, Sells for N965 in Abuja, N925 in Lagos

•MRS cuts price to N935/litre, collaborates with Dangote refinery  

•Marketers caution against panic buying

Emmanuel Addeh in Abuja and Peter Uzoho in Lagos

The Nigerian National Petroleum Company Limited (NNPC) has again reduced the pump price of petrol from the N1,020 it previously sold the product in Abuja to N965, while motorists in Lagos will henceforth buy at N925 per litre.

THISDAY reports that it would be the second time in roughly two weeks that the national oil company will cut petrol prices nationwide, apparently in response to similar price adjustments by the Dangote refinery.

In Abuja, the new pump price, it was observed, had taken effect at the NNPC mega station in Wuse zone 1, the facility Wuse Zone 4 as well as the NNPC fuel stations at Mabushi, near Works ministry as well as its Lugbe retail station. However, there were long queues jostling to buy the product.

But it was learnt that independent and major marketers were still selling for  between N1,030 and N1,070.

In Lagos, the price of the product dropped to N925 per litre at NNPC retail outlets in Ago Palace Way, Lagos and retailed at College Road, Ogba  at N1,015. It was the same at the Mobil filling station on the same road.

Also yesterday, the Independent Petroleum Marketers Association of Nigeria (IPMAN) cautioned Nigerians against panic buying, assuring that its members have sufficient petrol in stock.

Publicity Secretary of IPMAN, Mr.  Chinedu Ukadike, said the association was committed to ensuring a steady and efficient fuel supply to consumers at fair prices throughout the Christmas season.

“This price adjustment demonstrates the benefits of deregulation in the petroleum sector, where market forces play a key role in determining prices. With both Dangote and the federal government’s refineries poised to operate fully, we can anticipate more competitive pricing that will benefit consumers in the long term,” Ukadike said.

IPMAN enjoined members to align their pump prices with the new rates to remain competitive and attract customers. “We have already started placing orders at the adjusted price, and many of our members have begun lowering their pump prices to align with the market trends.

“This not only helps them achieve faster sales but also ensures that consumers get the benefit of reduced costs,” IPMAN added.

In the same vein, MRS Oil Nigeria Plc, a prominent player in the Nigerian downstream oil and gas industry, has implemented a new petrol price of N935 per litre across all its retail service stations nationwide.

This follows an announcement by the President of Dangote Industries Limited, Alhaji Aliko Dangote, that the Dangote Petroleum Refinery has partnered with MRS Oil and Gas to offer petrol at N935 per litre at retail outlets, following a reduction in the ex-depot price from N970 to N899.50 per litre.

In response, MRS Oil Nigeria Plc has instructed all its outlets to implement the new price immediately, setting up a digital platform and monitoring team to ensure full compliance.

The company has also called on Nigerians to report any outlets that fail to adhere to the new price structure.

“Petrol is now being sold at N935 at MRS Filling Stations nationwide. If you find any station not following this price, please report it. Call 08009447853 or email: NG-FMKPMGWHISTLEBLOWING@NG.KPMG.COM,” the company stated in a statement issued yesterday.

Emphasising the eco-friendly nature of its products, MRS Oil added: “We call on all petrol station owners to join MRS Oil Nigeria Plc in improving the supply chain of our beloved country, ensuring product quality and availability in every corner of Nigeria for the benefit of all Nigerians.”

Checks by THISDAY, yesterday, showed that the new price had been implemented at all MRS Oil and Gas retail outlets nationwide.

In Lagos, commuters were seen queuing at MRS filling stations to purchase petrol. Many expressed their gratitude to Dangote Petroleum Refinery and MRS Oil and Gas, urging other marketers to support the indigenous refinery rather than import off-spec products into the country.

Mrs. Ibukun Phillips, a commuter at the MRS station at Alapere, on the Lagos-Ibadan Express way, expressed her joy over the development, revealing that her husband filled up their car with the new price.

“I am very happy today. This is a victory for Nigeria. The price reduction is the best gift of the season. But beyond just the reduction, we are buying standard, eco-friendly petrol at a lower rate. My husband and I have decided we will only be using MRS from now on because we are confident in the quality of the product and supporting the economy.”

Commercial bus driver, Adio Ajibade described the price reduction as a great relief, especially during the festive season.

“The reduction is a great relief. It will reduce transportation costs and benefit Nigerians. God will continue to bless Alhaji Aliko Dangote,” he said.

A public affairs analyst and university lecturer, Dr. Tunde Akanni, said the collaboration between Dangote Petroleum Refinery and MRS Oil represents a significant step towards improving the affordability, quality, and sustainability of petroleum products in Nigeria.

According to Akanni: “this move will not only help ease the financial burden on Nigerians but also promote a more environmentally conscious approach to fuel consumption, benefitting both the economy and public health in the long term.”