The Nigerian National Petroleum Company Limited (NNPCL) has reduced the pump price of Premium Motor Spirit (PMS), commonly known as petrol, to around ₦835 per litre in major cities, marking the third price cut this month.
This latest adjustment sees prices drop from ₦915 per litre, with specific NNPCL stations in Lagos selling at ₦838–₦840 per litre (e.g., Igando, Lekki, and Iwaya outlets) and Abuja stations at ₦835 per litre. The move comes as competition heats up in Nigeria’s downstream petroleum sector, driven by increased domestic refining and aggressive pricing from private players.
The price reduction is attributed to several factors, including softer ex-depot costs, lower freight and insurance charges, and growing supply from local sources like the Dangote Refinery. Independent marketers such as MRS, BOVAS, and AA Rano have also slashed prices in Abuja to between ₦739 and ₦865 per litre, while private depots, including Dangote, have lowered ex-depot rates to ₦699–₦800 per litre.
This development signals a shift toward market-responsive pricing, reducing Nigeria’s historical reliance on imported fuel. Consumers are already benefiting from short-term relief, especially with heightened travel demand during the festive season. However, experts note that prices remain sensitive to global crude oil fluctuations, exchange rates, and refinery output levels.
The intensified competition is reshaping the market, with calls for greater open access to sustain downward pressure on prices.
