The Nigerian National Petroleum Company Limited (NNPCL) has announced another reduction in the retail pump price of Premium Motor Spirit (PMS).
It marks the second price cut within two weeks as fluctuations in the global crude oil market continue to influence domestic fuel pricing.
In Lagos, the pump price has been lowered from N1,210 to N1,170 per litre. At NNPC retail outlets in Abuja, motorists are now purchasing petrol at N1,210 per litre, compared with the previous price of N1,260 per litre.
New petrol prices emerge at NNPC filling stations
The latest price review comes less than a week after NNPCL reduced the cost of petrol from N1,295 per litre to N1,210 per litre in Lagos and from N1,335 per litre to N1,260 per litre in the Federal Capital Territory (FCT).
According to Petroleumprice.ng, NNPC retail stations in Lagos, Abuja and several other locations have now adjusted their prices to N1,170 and N1,210 per litre, respectively.
The downward adjustment follows a broader trend across the downstream sector, with both independent and major marketers lowering their pump prices.
This has been driven by declining ex-depot prices and growing competition among fuel distributors, as marketers are now able to purchase petrol from depots at lower rates than they were paying last week.
For instance, Integrated, Ascon, Sahara, Bono, and African Terminal sold petrol at N1,120 per litre, while Pinnacle and Techno Oil supplied the product at N1,121 per litre, creating room for retailers to further reduce pump prices.
Other filling stations to adjust
The recent reduction is expected to heighten competition among oil marketers as they seek to attract more customers and protect their share of the market.
The federal government has also continued to encourage marketers to reduce domestic pump prices whenever falling global oil prices lead to lower supply costs.
Industry analysts believe the latest price cut by NNPC is likely to prompt competing oil marketers to introduce another round of petrol price reductions before the end of the week.
