-
NNPC reduces PMS price by N35, now selling at N910 per litre across outlets.
-
Dangote Refinery earlier slashed ex-depot price from N880 to N840.
-
Price drop linked to global crude oil decline amid geopolitical tensions.
The Nigerian National Petroleum Company (NNPC) Limited has announced a reduction in the pump price of Premium Motor Spirit (PMS), lowering it from N945 per litre to N910 at its retail outlets nationwide.
The new price, which took effect on Saturday, is already being implemented in key Abuja locations, including Zone 6 on Kubwa Expressway and Wuse Zone 4, among others.
The move represents a N35 decrease in petrol prices at state-run filling stations.
ATTENTION: Click “HERE” to join our WhatsApp group and receive News updates directly on your WhatsApp!
This comes on the heels of a similar adjustment by Dangote Petroleum Refinery, which earlier reduced its ex-depot petrol price from N880 to N840 per litre, effective June 30. Confirming the new rate, the Group’s spokesperson, Anthony Chiejina, said: “PMS price has been reduced from N880 to N840 per litre effective 30th June.”
The wave of price cuts is attributed to a recent drop in global crude oil prices following heightened market volatility caused by the Israel-Iran conflict and fresh tensions after the bombing of Iranian nuclear facilities by U.S. forces.
Independent Petroleum Marketers across Abuja and Lagos have also adjusted their prices downward. In Abuja, retail prices now range between N930 and N940 per litre, down from previous highs of N945 to N975. In Lagos, prices have dropped to N890 per litre from N925.
The downward adjustment offers slight relief to consumers already burdened by high fuel costs in recent months.
