Nigerian fuel markets are in turmoil as NNPC Retail abruptly reduced petrol prices to ₦880/L in Lagos and ₦935 in Abuja on Easter Monday—undercutting Dangote Refinery’s ₦890 rate and sparking fresh corporate rivalry.
What Happened?
- NNPC’s Move: Dropped prices from ₦925 → ₦880 (Lagos) and ₦950 → ₦935 (Abuja).
- Dangote’s Counter: Just days prior, it cut ex-depot prices to ₦835/L and ordered partners (MRS, Ardova) to sell at ₦890–₦920 nationwide.
- Staggered Rollout: Some NNPC stations still sell at old rates to clear stock.
Why It Matters:
- Marketers Bleed Cash: Independent Petroleum Marketers Association (IPMAN) admits “we’re losing money” as they’re stuck with old-priced inventory.
- Consumer Win: Cheaper fuel for Nigerians amid economic crunch.
- Deregulation Drama: Price volatility continues as NNPC and Dangote battle for market control.
Key Quote:
“It’s good for the masses but painful for marketers. We’ll sell at losses to clear stock.”
— Hammed Fashola, IPMAN Vice President
#RecapIt: When corporate giants clash, Nigerians cheer—but sellers weep.
What’s Next? Watch for:
- Possible further price cuts if crude oil drops below $50/barrel
- Govt’s next move on naira-for-crude deals
