The Nigerian National Petroleum Company Limited (NNPCL) has reduced the pump price of Premium Motor Spirit (PMS), commonly known as petrol, to ₦925 per litre at its retail outlet in Apple Junction, Festac, Lagos. This adjustment aligns with NNPC’s recent strategy to lower ex-depot prices nationwide, aiming to provide relief to consumers amid fluctuating global oil prices.
This price reduction is part of a broader initiative by NNPC to decrease petrol prices across various regions. Recent reports indicate that NNPC has reduced the ex-depot price of petrol to ₦899 per litre in Lagos and ₦970 per litre in other areas such as Warri, Oghara, Port Harcourt, and Calabar.
The move is expected to intensify competition among oil marketers, potentially leading to further price reductions and benefiting consumers nationwide. The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has commended NNPC for this initiative, noting that it reflects the positive impact of market-driven competition within the industry.
Motorists and residents in the Festac area have expressed optimism regarding the price cut, hoping it will alleviate transportation costs and contribute to a decrease in the overall cost of living. However, some consumers remain cautious, noting that while the reduction is a positive development, fuel prices are still relatively high compared to previous years.
NNPC has stated that the price review reflects improvements in operational efficiencies and recent trends in the international crude oil market. The company remains committed to easing the financial burden on Nigerians while ensuring an uninterrupted fuel supply across the country.