The Nigerian National Petroleum Company Limited (NNPCL) has reduced the pump price of Premium Motor Spirit (PMS), also known as petrol, from ₦1,335 to ₦1,299 per litre, marking a ₦36 price cut across its retail outlets.
The new price is already in effect at several NNPCL filling stations in the Federal Capital Territory, including Lugbe, Kubwa Expressway, Wuse Zone 3, and nearby areas. The reduction follows a similar move by MRS filling stations, in partnership with Dangote Refinery, which earlier lowered its petrol price by ₦40 to ₦1,265 per litre.
The latest adjustment reflects growing competition in Nigeria’s deregulated fuel market, with analysts attributing the trend to increasing supply and the impact of local refining. The development is expected to put pressure on other marketers, many of whom currently sell petrol between ₦1,300 and ₦1,310 per litre, to review their prices.
Although the reduction is modest, it offers some relief to motorists and businesses struggling with rising transport and operating costs. It also signals the continued shift toward a market-driven pricing system following the removal of fuel subsidies, with experts anticipating that more competitive pricing could emerge as local refining capacity expands.