The Nigerian National Petroleum Company Limited (NNPC) has reduced the pump price of Premium Motor Spirit (PMS), commonly known as petrol, from N945 to N860 per litre.
The price adjustment follows a recent reduction in the ex-depot price by the Dangote Petroleum Refinery, which has influenced market rates.
Reports confirmed that some NNPC retail outlets in Lagos have already adjusted their pump prices to reflect the new rate of N860 per litre.
However, as of the time of this report, NNPC has yet to issue an official statement regarding the price reduction.
Reacting to the development, the National Vice President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Hammed Fashola, confirmed the price cut and described it as a positive relief for Nigerians.
“It is true that NNPC is now selling petrol at N860 per litre at its filling stations. Although the price change has not been updated on the portal yet, I was informed that they are working on it,” Fashola stated.
