The Nigerian National Petroleum Company Limited (NNPCL) has announced another reduction in the pump price of Premium Motor Spirit (PMS), lowering the retail price to ₦1,170 per litre in Lagos and ₦1,210 per litre in Abuja, Petroleumprice.ng gathered.
The latest adjustment represents a ₦40 per litre reduction in both cities. In Lagos, the new price replaces the previous ₦1,210 per litre, while motorists in Abuja will now pay ₦1,210 per litre, down from ₦1,260 per litre at NNPCL retail outlets.
The fresh review comes just a week after the national oil company implemented an earlier price reduction, when it cut the Lagos pump price from ₦1,295 to ₦1,210 per litre and reduced the Abuja price from ₦1,335 to ₦1,260 per litre.
Checks by Petroleumprice.ng confirmed that the revised prices have started reflecting at NNPCL filling stations in both Lagos and the Federal Capital Territory.
The latest adjustment follows a series of downward reviews across the downstream petroleum market, with wholesale petrol prices easing at major depots as competition among suppliers continues to intensify.
Earlier on Wednesday, several Lagos depots reviewed their ex-depot PMS prices downward. Integrated, Ascon, Sahara, Bono and African Terminal offered petrol at ₦1,120 per litre, while Pinnacle and Techno Oil sold at ₦1,121 per litre.
NNPCL's latest price cut is expected to heighten competition in the retail segment, placing additional pressure on independent and major marketers to review their pump prices in line with prevailing wholesale market conditions.
The development also comes amid renewed calls by the Federal Government for marketers to ensure that reductions in international crude oil prices are reflected across the domestic fuel market. While authorities have maintained that petrol pricing remains market-driven under the deregulated regime, they have stressed that consumers should benefit whenever market conditions support lower prices.
Industry stakeholders will now be watching whether other retail marketers respond with similar price adjustments in the coming days as competition for market share continues to build.