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 adjustment comes a few days after the Dangote Petroleum Refinery lowered its ex-depot price, influencing market trends.
Checks revealed that some the state-owned oil company 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, there is no official statement from the company yet on the reduction.
The national Vice President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Hammed Fashola, confirmed the reduction, noting that it’s a welcome development and 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.
