The Nigerian National Petroleum Company (NNPC) Limited has reduced the retail price of Premium Motor Spirit (PMS), also known as petrol, at its filling stations to N880 per litre in Abuja.
NNPC dropped the price of the product from N965 per litre in Abuja.
According to field reports across the country, petrol price dropped by N85 per litre and was effected on Monday afternoon.
Recall that on February 13, NNPC had reduced pump price solely in Lagos from N960 per litre to N945 per litre.
NewsClick Nigeria reports that the new reduction comes less than a week after Dangote Petroleum Refinery slashed its ex-depot price petrol to N825 – second cut in February.
Dangote refinery had earlier in February reduced petrol price from N950 per litre to N890.
The new price means that the refinery has significantly cut the ex-depot price by N125 from N950 per litre in January.
The price reduction was also reflected in MRS filling stations, which sold at N860 per litre and Heyden stations at N865/litre in Lagos.
Meanwhile, the NNPC Ltd spokesperson, Olufemi Soneye, while confirming the development in an interview with Premium Times said since deregulation, the company has consistently adjusted prices in various areas in response to market dynamics.
“Since deregulation, we have consistently adjusted prices in various areas in response to market dynamics. As an energy company, it is not our practice to issue press releases or make public announcements for routine price adjustments at the pump, as such changes are a fundamental aspect of a market-driven system.
“These adjustments occur regularly, reflecting the influence of market forces,” Mr Soneye said.
He said this is precisely the strength of NNPC Ltd’s approach that ensures and guarantees energy security for our nation while fostering an open, competitive environment where every Nigerian interested in the sector can participate freely and in line with established regulations.
