The Nigerian National Petroleum Company Limited (NNPCL) has lowered the pump price of Premium Motor Spirit (PMS), commonly known as petrol.
NNPCL stations located along Kubwa Expressway, the Central Business District, and Wuse Zone 4 in Abuja on Saturday revealed that the petrol price has been reduced from ₦910 to ₦895 per litre—marking a ₦15 drop.
Responding to the price cut, a motorist, Muhammad Ibrahim, said the reduction was anticipated and would help create more competitive pricing for consumers.
“It is long expected because other filling stations have reduced their petrol prices,” he said.
This adjustment by NNPCL follows recent moves by Dangote Refinery and its partners, who reduced their petrol prices to between ₦875 and ₦895 in Lagos and Abuja.
CREEBHILLS also reported that several other fuel stations have similarly lowered their pump prices to a range between ₦900 and ₦910 per litre.
Previously, Chinedu Ukadike, spokesperson for the Independent Petroleum Marketers Association of Nigeria (IPMAN), noted that independent marketers are now able to compete more effectively with NNPCL, thanks to the ongoing liberalisation of Nigeria’s downstream oil and gas industry.
He also pointed out that NNPCL is maintaining a form of monopoly amid ongoing debates concerning the rehabilitation of the Port Harcourt, Warri, and Kaduna refineries.
