The Nigerian National Petroleum Company Limited has reduced the pump price of petrol at its retail stations following a recent price cut by the Dangote Petroleum Refinery.
The adjustment came after the refinery lowered its ex-gantry price of Premium Motor Spirit (PMS) from ₦1,075 per litre to ₦1,050 per litre on Wednesday, March 11.
The reduction marks the first downward review after three consecutive price increases that had pushed petrol prices higher across the country.
According to Legit.ng, checks showed that several NNPCL filling stations in Abuja reduced the pump price to about ₦1,161 per litre on Wednesday, compared to ₦1,260 per litre the previous day, representing a drop of about ₦95 per litre.
In some areas, including Herbert Macaulay Way, petrol was reportedly sold for around ₦1,081 per litre.
In Lagos, prices also declined significantly at many NNPCL stations. Outlets in Egbeda, Falomo, and Marina were seen selling petrol for about ₦1,130 per litre, while stations in Fadeyi and Shomolu dispensed fuel at roughly ₦1,050 per litre, down from around ₦1,230 previously.
Most NNPCL outlets in the city were observed selling at about ₦1,130 per litre, with a few offering lower prices to attract customers.
Other fuel marketers have also adjusted their prices. Stations operated by NIPCO, AP, and AA Rano in Abuja now sell petrol at about ₦1,195, ₦1,200, and ₦1,223 per litre respectively.
A manager at an Ardova Plc station in Lagos confirmed the adjustment, saying:
“We have adjusted our pump price to N1,140 from the previous rate of N1,230, following the instruction we received on Wednesday, and we expect it to drop further to around N1,000 per litre.”
