Nigerians are expected to benefit from another reduction in petrol prices as the Nigerian National Petroleum Company Limited (NNPCL) has lowered the retail cost of Premium Motor Spirit (PMS), commonly known as petrol, marking its second price cut in less than two weeks.
The latest review follows the continued drop in global crude oil prices and heightened competition among fuel marketers, fueling expectations that transportation costs and the prices of goods may also decline in the weeks ahead.
NNPCL reduces petrol price by N60
A market survey carried out on Sunday, July 5, 2026, revealed that NNPCL filling stations have revised the pump price of petrol to N1,150 per litre from the previous N1,210 per litre.
The N60-per-litre reduction means the state-owned oil company has now slashed its petrol price by a combined N110 per litre between June 27 and July 5, 2026.
The latest adjustment highlights the growing rivalry within Nigeria’s downstream petroleum sector, with leading operators continuing to lower prices in a bid to win more customers.
Dangote, independent marketers deepen price competition
NNPCL’s new pricing comes only a few days after Dangote Refinery implemented its fourth cut to its gantry loading price, reducing it to N1,075 per litre.
Dangote Refinery’s pricing approach has prompted similar actions from other operators across the industry.
Independent marketers such as NIPCO, AA Rano, and Ranoil have equally revised their retail prices, with petrol now selling for between N1,205 and N1,240 per litre at selected filling stations.
Depot prices fall to lowest point since March
The decline in prices has also extended to petroleum depots, where wholesale rates have dropped significantly, reaching their lowest levels since March.
Figures released by PetroleumPriceNG indicated that several depot operators have adjusted their prices downward to remain competitive with Dangote Refinery.
Pinnacle is currently selling petrol at N1,075 per litre, while Emadeb has fixed its price at N1,077 per litre. FyneField and Soroman have likewise reduced their depot prices to N1,095 per litre.
With wholesale prices continuing to decline, more fuel marketers are expected to lower pump prices in the coming days.
