The Nigerian National Petroleum Company Limited (NNPCL) has reduced the pump price of Premium Motor Spirit (PMS), also known as petrol, to about ₦835 per litre in major cities across the country, marking its third price reduction this month.
The latest adjustment brings prices down from ₦915 per litre. In Lagos, some NNPCL retail outlets—including those in Igando, Lekki and Iwaya—are selling petrol at between ₦838 and ₦840 per litre, while stations in Abuja are dispensing at ₦835 per litre.
The price cut comes amid increasing competition in Nigeria’s downstream petroleum sector, driven by growing domestic refining capacity and aggressive pricing by private operators, particularly the Dangote Refinery.
Industry sources attribute the reduction to lower ex-depot prices, reduced freight and insurance costs, and increased supply from local refineries. Independent marketers such as MRS, BOVAS and AA Rano have also adjusted their prices in Abuja, selling petrol at rates ranging from ₦739 to ₦865 per litre. Similarly, private depots, including Dangote’s, have lowered ex-depot prices to between ₦699 and ₦800 per litre.
The development reflects a gradual shift toward market-driven pricing and a reduced dependence on imported fuel. Consumers are already enjoying some relief, especially amid increased travel during the festive season.
However, analysts caution that pump prices remain vulnerable to global crude oil price movements, exchange rate fluctuations and refinery production levels. Stakeholders say sustained competition and open access to supply infrastructure will be key to maintaining downward pressure on fuel prices.
