The Nigerian National Petroleum Company Limited (NNPC) has announced a reduction in the pump price of Premium Motor Spirit (PMS), commonly known as petrol, from N945 to N860 per litre.
This price cut follows a recent adjustment by the Dangote Petroleum Refinery, which lowered its ex-depot price, thereby influencing the broader market.
According to The Guardian’s checks, some NNPC retail stations in Lagos have already updated their pumps to reflect the new price of N860 per litre, down from the previous N945 per litre.
As of the time of reporting, NNPC has not issued an official statement confirming the price reduction.
Hammed Fashola, the National Vice President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), confirmed the price cut, calling it a positive development and a relief for Nigerians.
“It’s true that NNPC is now selling petrol at N860 per litre in filling stations. While this change has not yet been updated on the portal, they’ve informed me that they are working on updating it,” Fashola said.
