The Nigerian National Petroleum Company Limited (NNPCL) is under increasing pressure to lower its petrol prices.

This comes after MRS filling station, in partnership with Dangote Refinery, announced a significant reduction in fuel pump prices.

On February 9, 2025, MRS filling station lowered its petrol price to N925 per litre in Lagos, with slight variations in other regions.

This is the first price cut by the station this year. Previously, MRS was selling petrol for around N970 per litre.

This follows a similar move by Dangote Refinery, which dropped its ex-depot price from N970 to N870 per litre earlier this month.

Billy Gillis-Harry, the National President of the Petroleum Products Retail Outlet Owners Association, believes NNPCL has no choice but to reduce its prices.

He pointed out that Nigerians are unlikely to continue buying petrol from NNPCL when cheaper options are available from other suppliers.

Chinedu Ukadike, the Spokesperson for the Independent Petroleum Marketers Association of Nigeria, also expects NNPCL to follow Dangote Refinery’s lead in reducing petrol prices.

He emphasized that since Dangote Refinery’s price cuts are pushing down costs, NNPCL must reduce its own prices to remain competitive in the market.

Although some fuel stations have lowered their prices, it hasn’t yet affected the cost of transportation or food.

Gillis-Harry pointed out that the weak purchasing power of Nigerians is the primary reason behind this.

He explained that even with lower fuel prices, transportation costs have remained the same, showing that people are still struggling financially.

Ukadike, however, believes that the reduction in petrol prices will eventually have an impact on transportation and other goods, though the effects will be gradual.

The frequent price changes in petrol are also causing problems for marketers. Some fuel was purchased at the higher price of N970 per litre and is still in the system.

Since marketers can’t sell this fuel at a loss, they are facing significant challenges in distributing it.

Despite the recent price cuts by Dangote Refinery and MRS filling stations, fuel prices at filling stations across Nigeria still range from N1,040 to N1,150 per litre.

In conclusion, while petrol price reductions are making headlines, the real impact on transportation and goods prices will likely take time.

NNPCL’s next move will be crucial in determining how the price war in Nigeria’s fuel market continues to unfold.