The Nigerian National Petroleum Company Limited (NNPCL) has reduced the price of Premium Motor Spirit (PMS), also known as petrol, to ₦950 per litre at its retail outlets in Ibadan, the capital of Oyo State.
This price adjustment follows a recent reduction in Abuja, where petrol now sells for ₦965 per litre at NNPCL stations. During visits to NNPCL outlets in Ibadan on Monday, it was observed that the price had been reduced from ₦1,015 per litre.
The price cut comes days after NNPCL lowered its ex-depot price of petrol to ₦899 per litre. The reduction is part of the ongoing competitive pricing in the petroleum sector, especially following the Dangote Refinery’s announcement of a petrol price drop and its collaboration with MRS to sell fuel at ₦935 per litre nationwide.
Meanwhile, the Independent Petroleum Marketers Association of Nigeria (IPMAN) had earlier confirmed their readiness to sell petrol at ₦935 per litre, starting Monday.
This development has been welcomed by motorists and is expected to provide some relief to consumers as the festive season continues.