The Nigerian National Petroleum Company Limited (NNPC) has announced a reduction in the pump price of Premium Motor Spirit (PMS), commonly known as petrol, to N860 per litre. This price adjustment comes in response to intensifying competition among major oil marketers and independent petroleum dealers, alongside fluctuations in global crude oil prices.
The revised price, which took effect on Monday, reflects a notable decrease from the previous national average of N920 per litre, providing some relief to millions of Nigerians struggling with rising living costs.
As the country’s largest fuel supplier, NNPC’s price reduction has set off a chain reaction, prompting private marketers to adjust their prices in a bid to stay competitive. Just last week, Dangote Petroleum Refinery and Petrochemicals Limited lowered its ex-depot price from N890 per litre to N825, marking its second price cut in February alone.
In an official statement, Dangote Refinery identified three key partner filling stations in Lagos offering the adjusted prices. MRS would be adjusting to N860 per litre, AP to N865 per litre and Heyden to N865 per litre.
While many Nigerians have welcomed the price reduction, some remain cautious about its long-term viability. The country has witnessed volatile fuel pricing in recent months, leading to concerns about whether this latest decrease is sustainable or merely a temporary measure.
“This is good news, but we hope it’s not just a short-term strategy to ease public pressure,” said Adeola Ogunleye, a commercial bus driver in Lagos. “Fuel prices have been too high for too long, and we need a lasting solution.”
With oil price fluctuations and competitive dynamics at play, the coming weeks will reveal whether this downward trend in fuel prices will persist or if further adjustments will be necessary.
