The Nigerian National Petroleum Company Limited (NNPCL) has reduced the pump price of Premium Motor Spirit (PMS) at its retail stations to N860 per litre.
This move matches the price set by the Dangote Petroleum Refinery and aims to provide relief to Nigerians ahead of the Ramadan season.
The price reduction is also seen as a support for President Bola Ahmed Tinubu’s economic recovery policy.
Dangote Refinery had earlier announced a reduction in its ex-depot petrol price from N890 to N825 per litre.
A survey of NNPC-owned outlets in Lagos revealed that petrol prices had been adjusted from N945 to N860 per litre.
Similarly, in Ibadan, NNPC retail outlets are selling petrol at N870 per litre. In Abuja, NNPC stations have reduced petrol prices to N880 per litre.
However, independent marketers have yet to adjust their prices accordingly, with many maintaining previous prices or implementing only slight reductions.
