- The NNPC has reduced petrol prices slightly in Lagos, but still within the rates sold in the last 2 weeks
- There is also relief for Nigerians with CNG vehicles, as NIPCO Gas is rolling out 20 new CNG stations
- Petrol is sold average price of N840 per litre, while CNG is sold at N380 average price
Legit.ng journalist Dave Ibemere has experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
The Nigerian National Petroleum Company Limited (NNPC) has reduced the pump price of petrol at its retail outlets in Lagos to N837 per litre, down from N840 and N838 at several of its stations.
Photo: nnpc
Source: Twitter
Checks across Lagos also showed that other marketers also reviewed their prices.
Some stations operated by Ardova Plc and MRS Oil Nigeria Plc were selling petrol at N818 per litre, while Cincia stations dispensed at N830.
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The marginal reduction comes as fears grow about a hike in fuel prices following the United States-Iran war.
Benchcrude the international benchmark for crude oil prices, crossed over $80 per barrel.
NIPCO rolls out 20 new CNG stations
Meanwhile, NIPCO Gas Limited has announced plans to roll out 20 additional Compressed Natural Gas (CNG) stations nationwide, offering CNG at N380 per standard cubic metre.
Speaking at a media engagement in Lagos, the Managing Director, Mr. Nagendra Verma, outlined an aggressive expansion strategy covering pipeline infrastructure, city gas distribution networks and a nationwide CNG rollout.
He described natural gas as central to Nigeria’s energy security, industrial competitiveness and macroeconomic stability in the post-subsidy era, the Sun reports.
According to him, reforms introduced under the Petroleum Industry Act (PIA) have improved regulatory clarity and strengthened investor confidence across the oil and gas value chain, encouraging long-term infrastructure investments.
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Photo: NIPCO
Source: Getty Images
Pipeline expansion underway
In partnership with NNPC Gas Marketing Limited, and under mandate from NNPC, NIPCO Gas is constructing an 18-inch, 80-kilometre natural gas pipeline from Sagamu to Ibadan.
The project, expected to be completed between June and July 2026, will boost gas supply to industries in Ogun and Oyo states, the Nation reports.
Verma said the infrastructure would help manufacturers reduce reliance on diesel and low-pour fuel oil, lower production costs and enhance efficiency across Southwest industrial clusters.
The company is also extending gas distribution infrastructure from Sagamu to Abeokuta and has developed facilities within the Lekki Free Trade Zone to strengthen energy access for industries operating in the corridor.
Industry analysts say the combined impact of lower petrol prices and expanded CNG infrastructure could provide some relief for consumers and businesses, while supporting the federal government’s broader push toward gas as a transition fuel in Nigeria’s evolving energy mix.
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NMPDRA on petrol availability
Earlier, Legit.ng reported that the Nigeria Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has reassured Nigerians that fuel supplies across the country remain sufficient.
The regulator advised consumers not to engage in panic buying or stockpiling as the festive period approaches.
It added that available volumes of diesel (AGO), petrol (PMS), and liquefied petroleum gas (LPG) are adequate to meet current demand nationwide.
Proofreading by James Ojo, copy editor at Legit.ng.
Source: Legit.ng