The Nigerian National Petroleum Company Limited (NNPCL) has announced a reduction in the pump price of Premium Motor Spirit (PMS), commonly known as petrol, to N860 per litre.
This price adjustment, which takes effect on Monday, is part of an ongoing price competition among oil marketers and independent petroleum dealers. It is also influenced by fluctuations in global crude oil prices.
The new NNPCL price reflects a significant drop from the previous average of N920 per litre.
The development follows Dangote Petroleum Refinery‘s decision last week to cut its ex-depot price of petrol from N890 per litre to N825, marking its second price reduction in February.
According to NNPCL’s public notice, three partner off-takers in Lagos will adopt the following pricing structure:
MRS – N860 per litre, AP – N865 per litre and Heyden – N865 per litre.
This move is expected to ease the burden on consumers amid ongoing fuel price adjustments across the country.
