Despite Gantry Price Reduction, Petrol Marketers Retain Old Prices

…NNPC reduces by N95, as FG halts import licence Issuance

BY NSE ANTHONY-UKO, Abuja; OLAMIDE OJUOKAIYE, ANDREW OJIEZEL AND ABIODUN SIVOWAKU, Lagos

The Nigerian National Petroleum Company Limited (NNPCL) has slashed its petrol pump price by N95 per litre to N1,165 following Dangote Refinery’s gantry price cut, but most independent petrol marketers across major cities continue to sell at higher rates aligned with the previous gantry price.

This price dynamic unfolds as the federal government suspends PMS import licences for a second straight month, enforcing Petroleum Industry Act (PIA) provisions that allow imports only when domestic supply falls short.

LEADERSHIP checks showed that NNPC filling stations in Abuja and environs implemented the reduction on Wednesday, dropping from N1,260 to N1,165 per litre at outlets in Jabi, Lifecamp, Wuse Zone 5, and Zone 4.

Diesel prices stood at N1,535 per litre. Other stations like NIPCO, AP, and AA Rano adjusted to N1,195, N1,200, and N1,223 per litre, respectively.

An MRS manager, speaking anonymously, confirmed their outlet would lower prices by N100 to N1,167 per litre from Thursday.

In Lagos and parts of Ogun State, however, 24 hours after Dangote reduced its gantry price for Premium Motor Spirit (PMS) from N1,175 to N1,075 per litre, most filling stations had yet to reflect the change.

Visits revealed sales at elevated rates: N1,230 per litre at Iwaya, Yaba; N1,240 at MRS on Lagos-Abeokuta Expressway;

However, the commodity sold for N1,180 at Ardova in Ota; N1,200–N1,250 at MRS along Atan-Idiroko Road; N1,230 at Rabade in Arepo; N1,210 at Julanky; N1,150 at MRS on Oba Akran; N1,134 at Ardova on Airport Access Road; and N1,138 at Conoil in Ikeja.

Despite the higher prices, queues were absent at most stations. An attendant attributed this to reduced demand, with sales dropping from the rush seen three days ago amid surging pump prices.

Recall that Nigeria’s average daily petrol consumption fell to 56.9 million litres in February 2026, down from 60.2 million in January.

This price dynamic unfolds as the federal government suspends PMS import licences for a second straight month, enforcing provisions of the Petroleum Industry Act (PIA) that allow imports only when domestic supply falls short. NMDPRA data shows no licences issued in February, and CORAN confirmed to Reuters that none was issues in March so far prioritising local refining.

In February, Dangote Refinery supplied 36.5 million litres of petrol and 8 million litres of diesel—volumes NMDPRA deemed sufficient.

CORAN spokesperson Eche Idoko welcomed the move: “For us, anything that protects local production is a good move. The challenge now is to sustain the momentum.”

The policy marks a win for local refiners, including Dangote, which sued NMDPRA and NNPCL last year to halt imports.