Breaking: NNPCL reduces pump price of petrol as competition intensifies

The Nigerian National Petroleum Company Limited (NNPCL) has reduced the pump price of Premium Motor Spirit (PMS), popularly known as petrol, across its retail outlets in Abuja and surrounding areas, marking the latest price adjustment in Nigeria’s downstream petroleum market.

Checks at several NNPCL filling stations showed that the state-owned oil company has lowered the pump price from N1,335 per litre to N1,299 per litre, representing a N36 reduction per litre.

The new price has already taken effect at NNPCL retail outlets in Lugbe, Kubwa Expressway, Wuse Zone 3, and other parts of the Federal Capital Territory.

The latest adjustment comes just two days after MRS Oil Nigeria Plc, supplied by the Dangote Petroleum Refinery, slashed its petrol price by N40 per litre, bringing its pump price to N1,265 per litre.

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Industry observers say the Dangote-backed price cut increased competitive pressure on other fuel marketers, many of whom had continued selling petrol within the N1,300 to N1,310 per litre range.

NNPCL’s latest reduction is seen as part of the growing price competition among marketers following increased domestic supply from the Dangote Refinery and the ongoing deregulation of Nigeria’s downstream petroleum sector.

Motorists have welcomed the price cut, expressing hope that continued competition among fuel suppliers will drive prices even lower in the coming weeks.

The development reflects the increasingly competitive nature of the country’s fuel market, where marketers are adjusting pump prices in response to changing supply dynamics and market forces.