The Nigerian National Petroleum Company Limited (NNPCL) has slashed the pump price of Premium Motor Spirit (PMS), popularly known as petrol, just seven days after Dangote Refinery announced a reduction in its ex-depot price.
A market survey conducted on Tuesday revealed that NNPCL retail outlets in Abuja and surrounding areas have reduced the price of petrol to N1,260 per litre, down from N1,335 per litre.
The latest adjustment represents a N75 per litre reduction, signaling a fresh shift in the country’s downstream petroleum market.
Checks showed that the new price has already taken effect at several NNPCL filling stations, including outlets along the Kubwa Expressway, Wuse Zone 6 (Berger), and Zone 4 in Abuja.
The development comes on the heels of Dangote Refinery’s June 16 decision to cut its petrol gantry price to N1,175 per litre, a move that triggered price reductions across several filling stations nationwide amid declining global crude oil prices.
Earlier reports indicated that MRS and other marketers had adjusted their retail prices, selling petrol between N1,241 and N1,300 per litre in parts of Abuja.
The latest cut by NNPCL is expected to intensify competition among fuel marketers and could offer some relief to motorists and businesses grappling with high transportation and operating costs.
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