The Nigerian National Petroleum Company Limited (NNPCL) and several other fuel marketers have reduced the pump price of Premium Motor Spirit (PMS), commonly known as petrol, following a recent price adjustment by the Dangote Refinery.
A market survey conducted in Abuja on Wednesday showed that NNPCL retail outlets lowered their petrol price to N1,335 per litre from N1,364 per litre, representing a reduction of N29.
Other major marketers also implemented price cuts. NIPCO reduced its pump price to N1,330 per litre from N1,350, while AA Rano adjusted its price to N1,350 per litre from N1,370, translating to a N20 reduction per litre for both marketers.
The latest adjustments come days after Dangote Refinery announced a N25 per litre reduction in its gantry price for petrol, a move that has begun to reflect across retail outlets nationwide.
Following the refinery’s price review, several filling stations had already started lowering their pump prices, with industry stakeholders predicting a wider market response as fresh supplies reach distributors.
Speaking on the development earlier, the President of the Independent Petroleum Marketers Association of Nigeria (IPMAN) said more filling stations are expected to cut petrol prices once they begin lifting new stock from the 650,000-barrel-per-day Dangote Refinery.
The latest reductions are expected to provide some relief to motorists and consumers amid ongoing efforts to stabilize fuel prices across the country.
