The Nigerian National Petroleum Company Limited (NNPC) has reduced its pump price of Premium Motor Spirit (PMS), also known as petrol, from N945 to N860 per litre.
This change comes a few days after the Dangote Petroleum Refinery reduced its ex-depot price, influencing market trends.
According to The Guardian, some NNPC’s retail stations in Lagos have adjusted their pumps to N860 per litre from the previous N945 per litre.
As of the time of filing this report, NNPC has yet to issue an official statement regarding the reduction.
Confirming the reduction in petrol price, Hammed Fashola, the Vice President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), stated that it is a welcome development and a relief to Nigerians.
“It is true, NNPC is selling petrol at N860 in the filling stations. Though this has not reflected on the portal, they told me they are working on updating the portal,” he said.
