NNPCL Drops Pump Price of PMS to N910 from N945

The Nigerian National Petroleum Company Limited (NNPCL) has reduced the pump price of premium motor spirit, commonly known as petrol, to N910 per litre from N945 at its retail outlets in Abuja.

This price cut, representing a N35 reduction, is part of a broader trend in Nigeria’s fuel pricing landscape, influenced by global crude oil price fluctuations and increased competition in the downstream sector.

The development comes barely four days after Dangote Refinery reduced its petrol ex-depot price to N840 per litre from N880. Members of the Independent Petroleum Marketers Association have also announced a reduction in petrol prices, with new prices ranging between N930 and N940 per litre in Abuja and N890 per litre in Lagos State.

According to reports, NNPC’s price adjustment reflects the dynamic nature of Nigeria’s deregulated fuel market, where prices are influenced by global crude oil trends and domestic economic policies. Industry stakeholders attribute the recent price cuts to the naira’s appreciation against the dollar and falling crude oil prices in the international market.

The price reduction is expected to have a positive impact on transportation costs and household expenses, providing some relief to Nigerians amid economic challenges.

However, industry experts note that the price swings will continue to reflect global market trends and domestic economic policies.