The Nigerian National Petroleum Company Limited (NNPCL) has announced a reduction in Premium Motor Spirit (PMS) pump price, commonly known as petrol, to N860 per litre, effective Monday.
This adjustment comes amid increasing competition among oil marketers and independent petroleum dealers and fluctuations in global crude oil prices. The new price represents a notable decrease from the previous average of N920 per litre.
The development follows Dangote Petroleum Refinery’s recent decision to lower its ex-depot price from N890 per litre to N825, marking its second price cut in February.
According to NNPCL’s public notice, three major off-takers in Lagos will implement the following pricing structure:
- MRS – N860 per litre
- AP – N865 per litre
- Heyden – N865 per litre
This move is expected to bring some relief to consumers amid ongoing fuel price fluctuations across the country.
