The Nigerian National Petroleum Company Limited (NNPC) has reduced the price of Premium Motor Spirit (PMS), commonly known as petrol, to N860 per litre. This price adjustment reflects ongoing competition among oil marketers and independent petroleum dealers, as well as fluctuations in global crude oil prices.
Reports indicate that several NNPC retail stations in Lagos have already implemented the new price, dropping from the previous N945 per litre to N860 per litre. However, as of now, NNPC has not released an official statement regarding the reduction.
Confirming the price adjustment, the National Vice President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Hammed Fashola, described it as a welcome relief for Nigerians. “Yes, NNPC is now selling petrol at N860 per litre at its filling stations. Although this change has not yet been updated on their official portal, I was informed that they are working on it,†he stated.
This development follows a recent price cut by the Dangote Petroleum Refinery, which lowered its ex-depot price of petrol from N890 per litre to N825 per litre last week. This marked the second price reduction by the refinery in February.
Additionally, NNPC has identified three partner off-takers in Lagos with varying petrol prices: MRS selling at N860 per litre, AP at N865 per litre, and Heyden at N865 per litre.
The reduction in fuel prices comes as a significant relief for consumers, who have been grappling with rising costs. It also signals increased competition within the oil sector, potentially leading to further price adjustments in the near future.
