The Nigerian National Petroleum Company Limited (NNPCL) has reduced the pump price of Premium Motor Spirit (PMS), commonly known as petrol, at its retail outlets in Lagos and Abuja.
Findings by Petroleumprice.ng on Tuesday showed that NNPCL filling stations in Lagos have lowered their petrol price to ₦1,210 per litre from ₦1,295 per litre, representing a reduction of ₦85 per litre.
The new price was observed at NNPCL retail outlets in Marina and Igando.
In Abuja, NNPCL has also adjusted its petrol price to ₦1,260 per litre from ₦1,335 per litre, according to Daily Post. The publication reported that the revised price had been implemented at NNPCL retail outlets along the Kubwa Expressway, Wuse Zone 6 (Berger), and Zone 4 as of Tuesday morning.
The latest adjustment comes amid increased competition in the downstream petroleum market following declines in global crude oil prices and falling ex-depot petrol prices across several private depots.
The reduction is expected to provide relief for consumers and could influence pricing decisions by other marketers as competition for market share intensifies.
Industry stakeholders have increasingly called for retail fuel prices to better reflect movements in crude oil prices and ex-depot market trends, particularly as domestic refining capacity continues to expand.
Market observers will be watching closely to see whether the latest NNPCL adjustment prompts further reductions across the retail fuel market in the coming days.