The Nigerian National Petroleum Company Limited (NNPCL) has reduced the pump price of Premium Motor Spirit (PMS), also known as petrol, for the second time in four days, according to Daily Post.
The latest adjustment lowered the pump price at some NNPCL retail outlets from ₦1,260 to ₦1,210 per litre, a ₦50 reduction. The move follows an earlier ₦75 cut announced days earlier, marking the second price review in less than a week.
The revised price has taken effect at selected NNPCL filling stations, with motorists already purchasing fuel at the new rate. The reduction comes amid heightened competition in Nigeria’s deregulated downstream petroleum sector, following a recent cut in Dangote Refinery’s ex-depot petrol price.
Industry observers also attribute the latest price adjustment to falling global crude oil prices, driven by easing geopolitical tensions in the Middle East, which have lowered the cost of refined petroleum products.
While the reduction is expected to ease transportation and business costs, petrol prices continue to vary across retail outlets based on location and individual marketers. Analysts say further price cuts are possible if global oil prices remain stable and market competition persists.
