The Nigerian National Petroleum Company Limited (NNPC) has reduced the pump price of Premium Motor Spirit (PMS), also known as petrol, from N945 to N860 per litre. This adjustment comes on the heels of the Dangote Petroleum Refinery’s decision to lower its ex-depot price, which has significantly influenced market trends.
Checks by The Hobnob revealed that some NNPC retail stations in Lagos have already adjusted their pumps to reflect the new price of N860 per litre. Although the NNPC has not issued an official statement on the reduction, the national Vice President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Hammed Fashola, confirmed the development.
According to Fashola, “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 noted that the reduction is a welcome development and a relief to Nigerians.
This move is expected to have a positive impact on the economy, as fuel prices have a ripple effect on the cost of goods and services. The reduction is also seen as a response to the Dangote Refinery’s price cut, which has been putting pressure on other market players to adjust their prices.
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