The Nigerian National Petroleum Company Limited (NNPCL) has reduced the pump price of Premium Motor Spirit (PMS), commonly known as petrol, from N910 to N895 per litre, representing a N15 decrease.
The price reduction was confirmed on Saturday following visits to multiple NNPCL filling stations across Abuja, including locations at Kubwa Expressway, Central Business District, and Wuse Zone 4.
This move comes days after Dangote Refinery and its partners slashed their fuel prices to N875 in Lagos and N895 in Abuja, signaling increased competition in Nigeria's downstream oil sector.
A motorist, Muhammad Ibrahim, welcomed the development, telling reporters: "It is long expected because other filling stations have reduced their petrol prices." He added that the price cut would provide Nigerians with more competitive options.
Other filling stations across the country had already adjusted their petrol prices downward to between N900 and N910 per litre before NNPCL's latest reduction.
Increased Competition in Downstream Sector
Chinedu Ukadike, spokesperson for the Independent Petroleum Marketers Association of Nigeria (IPMAN), recently stated that marketers are now competing favorably with NNPCL following the liberalization of Nigeria's downstream oil and gas sector.
However, Ukadike also alleged that NNPCL is encouraging monopoly amid controversies surrounding the rehabilitation of Port Harcourt, Warri, and Kaduna refineries.
The price adjustments reflect the evolving landscape of Nigeria's petroleum market, with the entry of Dangote Refinery creating new dynamics in the previously NNPCL-dominated sector.
Industry analysts suggest that the increased competition could potentially lead to further price reductions and improved services for Nigerian consumers in the coming months as market forces continue to shape the sector.
