The Nigerian National Petroleum Company Limited (NNPC) has announced a reduction in the pump price of Premium Motor Spirit (PMS), commonly known as petrol, from ₦1,025 to ₦1,015 per litre. This adjustment comes in response to a significant drop in the landing cost of petrol, which fell by ₦36 to ₦900.28 per litre.
Latest data from the Major Oil Marketers Association of Nigeria (MOMAN) reveals that the landing cost of petrol, previously ₦936.75 per litre last week, has decreased by 3.62 percent. Earlier this week, the landing cost had briefly dropped further to ₦890.43 per litre before stabilizing.
In addition to the price reductions, fresh findings indicate that oil marketers imported 90,308 metric tonnes of fuel between Tuesday, December 10, 2024, and Friday, December 13, 2024. This steady inflow of petroleum products is expected to ease supply pressures and maintain stable market prices during the festive season.
The reduction in both landing costs and pump prices is seen as a welcome relief for Nigerians amid rising economic pressures. Industry stakeholders believe these developments could signal further stability in the downstream sector if global oil prices and import costs remain favorable.
NNPC has reiterated its commitment to ensuring the availability and affordability of petroleum products nationwide while working closely with marketers to maintain supply efficiency.
