Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

In a bid to attract more customers in the face of strong competition, Ardova Plc and MRS Oil have slashed the pump price of Premium Motor Spirit (PMS), commonly known as petrol.

Checks by Legit.ng at some of its filling stations in Lagos showed that petrol prices have been slashed to N865 and N870 per litre.

The latest price range offered by Ardova is N20 lower than the previous N885 petrol price, which is the current price offered by the Nigerian National Petroleum Company Limited (NNPC).

The development means Ardova is now offering the cheapest retail petrol price in the city.

Kunle Adebayo, a commercial driver seen buying from the Ardova filling station at Egbeda, told Legit.ng:

"Yes, I can confirm that this is the cheapest. I drove from Ipaja just to buy here. All other filling stations were selling above N880 per litre. We hope other stations follow suit."

MRS Oil Nigeria Plc also recently announced a nationwide reduction in prices, with the new rates taking effect from July 8, 2025.

According to the revised pricing, petrol will now sell for N865 per litre in Lagos, down from the previous N885.

In the South-West region, the price has been cut from N895 to N875, while consumers in the North-East will now pay N895 per litre instead of N915.

Similarly, the price in the North-West and Central regions has been reduced to N885 from N905, and in the South-South and South-East, the new price is N895 per litre, down from N915.

The reduction comes as the Independent Petroleum Marketers Association of Nigeria (IPMAN) plans to reduce petrol prices following Dangote Refinery’s decision to slash its ex-depot price.

Abubakar Maigandi, IPMAN’s national president, disclosed this while speaking to Journalists, PM News reports.

Maigandi explained that Dangote Refinery’s price cut from N840 to N820 per litre prompted the association to consider a downward review of prices at retail outlets across the country.

He said:

“Whether Dangote Refinery or ex-depot petrol price, our members will also reduce. We will announce a fresh fuel price on Monday.”

Earlier, Legit.ng reported that Bayo Ojulari, the Group Chief Executive Officer of the Nigerian National Petroleum Company (NNPC), disclosed that there is ongoing consideration to sell some of the national refineries.

According to him, there are serious challenges in getting them to work efficiently despite rehabilitation efforts.

The NNPC boss also noted that a strategic review of the refinery operations is currently underway and is expected to be completed before the end of the year.

PAY ATTENTION: Сheck out news that is picked exactly for YOU ➡️ find the “Recommended for you” block on the home page and enjoy!

Proofreading by James Ojo, copy editor at Legit.ng.

Source: Legit.ng