The Nigerian National Petroleum Company Limited (NNPC) has announced a reduction in the pump price of Premium Motor Spirit (PMS), commonly known as petrol, to N860 per litre.
This development is the latest in a price war among oil marketers and independent petroleum dealers.
It is also influenced by fluctuations in global crude oil prices.
Checks revealed that some NNPC’s retail stations in Lagos have adjusted their pumps to N860 per litre from the previous N945 per litre.
As of the time of filing this report, there is no official statement from NNPC yet on the reduction.
The national Vice President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Hammed Fashola, confirmed the reduction, noting that it’s a welcome development and relief to Nigerians.
“It is true, NNPC is selling petrol at N860 in the filling stations. Though this has not reflected on the portal, they told me they are working on updating the portal,” he said.
Last week, Dangote Petroleum Refinery reduced the ex-depot price of petrol from N890 per litre to N825, marking its second price cut in February.
In a public notice on the price reduction, NNPCL announced three partner off-takers in Lagos: MRS at N860 per litre, AP at N865 per litre, and Heyden at N865 per litre.
