The Nigerian National Petroleum Company Limited (NNPCL) has announced a reduction in the pump price of Premium Motor Spirit (PMS), popularly known as petrol, to ₦910 per litre at its retail outlets in Abuja, representing a ₦25 drop from the previous price of ₦935 per litre.
This new price, which took effect recently, is part of a larger change happening in Nigeria’s fuel market, where more companies are now competing to offer better prices and win over customers.
The price reduction by NNPCL comes shortly after the Dangote Petroleum Refinery lowered its ex-depot price to ₦825 per litre, a development that has triggered a ripple effect across the sector.
As a result, marketers affiliated with the refinery, such as MRS, Ardova (AP), Heyden, Optima Energy, Hyde, and Techno Oil pump also brought down their pump prices to between ₦890 and ₦920 per litre in different parts of the country.
Although the ₦910 per litre rate is currently being implemented in Abuja, similar downward adjustments are anticipated in other parts of the country, including Lagos, where NNPCL has adjusted prices in the past based on changes in the market.
In the Federal Capital Territory (FCT), the price cut has been met with enthusiasm by motorists, many of whom have begun flocking to NNPCL retail stations to take advantage of the more affordable fuel, especially in the face of persistent economic pressure and rising transportation costs.
Observers have described the decision as a positive step that supports fair competition and gives consumers more choices, especially as the fuel market continues to open up and move away from full government control.
According to industry experts, these recent price cuts show that Nigeria is moving towards a market-based system, where prices are set by supply and demand rather than fixed by the government, and more companies are encouraged to offer better services and prices.
As more changes take place in the fuel market, both consumers and industry players are watching closely to see how prices will shift in the coming weeks, and how these changes will affect fuel availability and affordability across the country.
