The Nigerian National Petroleum Company Limited (NNPC) announced a substantial reduction in the pump price of Premium Motor Spirit (PMS), commonly known as petrol, to ₦860 per litre in Lagos.
This move aligns NNPC’s pricing with that of MRS Oil Nigeria Plc, a partner of Dangote Refinery, which had previously set its petrol price at ₦925 per litre in Lagos. The price reduction by NNPC is part of an ongoing trend in the Nigerian petroleum market, characterized by competitive pricing strategies among major oil marketers.
In recent weeks, MRS Oil Nigeria Plc reduced its petrol price to ₦925 per litre in Lagos, following Dangote Refinery’s ex-depot price cut to ₦890 per litre. These adjustments reflect a broader industry response to fluctuations in global crude oil prices and increased domestic refining capacity.
The immediate impact of NNPC’s price reduction has been observed across various filling stations in Lagos, with outlets promptly adjusting their pump prices to reflect the new rate of ₦860 per litre. This development is expected to provide significant relief to consumers, who have been grappling with high fuel costs in recent months.
Industry analysts suggest that this competitive pricing trend may continue, especially with the Dangote Refinery’s increased output influencing market dynamics. The refinery’s recent reduction of its ex-depot price from ₦950 to ₦890 per litre has set a precedent that other oil marketers are likely to follow, fostering a more competitive and consumer-friendly market environment.
Consumers are advised to stay informed about the latest petrol prices and patronize stations that have implemented the new pricing to benefit from the reductions.
