NNPC Cuts Petrol Price to ₦1,130 in Lagos, ₦1,165 in Abuja

The Nigerian National Petroleum Company Limited (NNPC) has reduced the pump price of petrol at its retail outlets to ₦1,130 per litre in Lagos and ₦1,165 per litre in Abuja, providing some relief to consumers amid fluctuating global oil prices.

The new pricing, effective Wednesday, marks a ₦100 drop from ₦1,230 in Lagos and a ₦95 reduction from ₦1,260 in Abuja. Observations at NNPC stations along Isheri Oshun Road, Apple Junction, and Ago Palace Way in Lagos, as well as Jabi and Wuse in Abuja, confirmed the revised pump rates.

The reduction follows a recent cut in gantry prices by the Dangote Petroleum Refinery, which lowered its ex-depot petrol price by ₦100 to ₦1,075 per litre, responding to a decline in global crude oil prices.

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Global oil prices, which had earlier spiked to about $110 per barrel due to tensions involving the United States, Iran, and Israel, eased following remarks by Donald Trump indicating a potential end to the Middle East conflict. Concerns over a blockade of the Strait of Hormuz had previously threatened global oil supply.

Subsequently, Brent crude, the international benchmark, fell by 8.45 percent to around $92 per barrel, supported further by European Union energy ministers’ discussions on releasing strategic oil reserves to stabilise markets.

Industry analysts note that the NNPC price cut could trigger further adjustments across Nigeria’s downstream petroleum sector, particularly as local refining capacity grows and global oil prices remain volatile.

However, many independent marketers have yet to reflect the price reduction, with some stations still selling petrol above the NNPC retail price. Stakeholders predict more changes in the coming weeks, influenced by depot prices, exchange rate fluctuations, and international crude oil trends.

The latest reduction provides a much-needed relief for motorists and households that have faced persistent fuel price hikes in recent months.

NNPC Cuts Petrol Price to ₦1,130 in Lagos, ₦1,165 in Abuja

Fuel Costs Remain Elevated at ₦1,300 per Litre Despite Dangote Price Adjustment

Despite a recent price reduction by Dangote Petroleum Refinery, petrol prices in Nigeria remain high at around ₦1,300 per litre, as global oil market volatility fueled by the Middle East conflict continues to impact local fuel costs.

Dangote Petroleum Refinery, responsible for a significant portion of Nigeria’s domestic petrol supply, recently cut its ex‑depot price to ₦1,075 per litre, reflecting a slight easing of global crude oil prices, which dropped to approximately $88 per barrel. However, marketers have not fully passed on the reduction at retail pumps, leaving consumers paying roughly ₦1,300 per litre in major cities including Lagos, Port Harcourt, and Calabar.

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Analysts note that the persistent high petrol prices are largely due to ongoing tensions in the Middle East, which have disrupted crude supply routes and caused market uncertainty. Transport operators and commuters have expressed frustration, citing higher operating costs and increased fares as a result of elevated fuel prices.

The African Democratic Congress (ADC) and other socio-economic advocates have called on the Federal Government to intervene, urging measures such as increasing crude supply to local refineries or considering targeted price caps or subsidies to cushion the impact on Nigerians.

Economists warn that sustained high petrol prices could drive inflation higher, further straining the cost of living and affecting businesses that rely heavily on transportation and logistics. While the Dangote refinery’s price cut is a positive step, market analysts say that global instability and oil supply disruptions mean pump prices are likely to remain elevated in the near term.

Fuel Costs Remain Elevated at ₦1,300 per Litre Despite Dangote Price Adjustment

French automakers return to Nigeria, team up with Dangote, Coscharis for 44,000-vehicle production

French automobile manufacturers are mounting a fresh comeback in Nigeria’s automotive sector through strategic alliances with major local players, targeting the production and sale of about 44,000 vehicles annually as part of efforts to revive local assembly.

The renewed push involves two major partnerships: Peugeot’s collaboration with Dangote Peugeot Automobiles Nigeria (DPAN) and Renault’s alliance with Coscharis Group to produce vehicles for the Nigerian market.

The development was disclosed by Marc Fonbaustier, the French Ambassador to Nigeria, who said French carmakers are gradually rebuilding their presence in one of Africa’s largest automobile markets.

According to him, the partnership between Peugeot and Dangote Peugeot Automobiles Nigeria has already restarted operations with the Peugeot 301, while plans are underway to assemble additional models including the 308, 3008, 5008 and 508.

The ambassador noted that the relaunch is part of a broader strategy to scale up production capacity and increase local vehicle supply.

“The target of 44,000 vehicles annually is ambitious but achievable,” he said.

In a parallel move, Renault is partnering Coscharis Group to co-produce vehicles under the Logan brand for the Nigerian market.

French carmakers were once dominant in Nigeria’s automobile industry, largely through the activities of Peugeot Automobile Nigeria, which operated a major assembly plant in Kaduna.

Established in the 1970s, the plant assembled several Peugeot models locally and became a cornerstone of Nigeria’s auto industry. Vehicles such as the Peugeot 504 were widely used by government institutions, businesses and private motorists for decades.

However, economic downturns, policy changes and a surge in cheaper imported vehicles gradually weakened local assembly operations, causing production levels and market share for French brands to decline sharply.

The situation later prompted the Dangote Group to acquire a controlling stake in the company, leading to the creation of Dangote Peugeot Automobiles Nigeria, which has since modernised its assembly facilities and expanded production capacity.

Despite the revival efforts, the competitive landscape has changed significantly. Automakers from China and India have strengthened their foothold in Nigeria with more affordable models and growing local assembly operations.

Still, French investors remain optimistic about Nigeria’s long-term market potential. Fonbaustier said about 100 French companies currently operate in Nigeria, employing roughly 16,000 Nigerians.

He added that although rebuilding France’s automotive presence in Nigeria will take time, the new partnerships with Dangote and Coscharis mark an important step toward restoring local vehicle manufacturing in the country.