The Nigerian National Petroleum Company Limited (NNPCL) has reduced the pump price of Premium Motor Spirit (PMS), popularly known as petrol, to about ₦835 per litre in major cities across the country.
The latest adjustment represents a drop from the previous ₦915 per litre, with NNPCL retail outlets in Lagos selling between ₦838 and ₦840 per litre in areas such as Igando, Lekki and Iwaya.
In Abuja, the product is being dispensed at ₦835 per litre at several NNPCL stations.
9News Nigeria notes that this is the third downward review in December.
The Dangote Refinery and other private depots have reportedly adjusted ex-depot prices to between ₦699 and ₦800 per litre, creating room for retailers to pass cost savings on to consumers.
Independent marketers and Retail outlets operated by firms such as MRS, BOVAS and AA Rano are selling petrol in Abuja at prices ranging from ₦739 to ₦865 per litre, depending on location and logistics costs.
The development signals a gradual shift towards market-responsive pricing and a reduced dependence on imported fuel, a long-standing challenge in Nigeria’s energy sector.
However, experts caution that petrol prices remain vulnerable to external factors, including fluctuations in global crude oil prices, foreign exchange volatility and the consistency of output from local refineries.
