The Nigerian National Petroleum Company Limited (NNPCL) has reduced the pump price of Premium Motor Spirit (PMS), commonly known as petrol, to N895 per litre from the previous N910, representing a N15 reduction.

This price adjustment was confirmed during visits to several NNPCL filling stations across Abuja, including locations at Kubwa Expressway, Central Business District, and Wuse Zone 4 on Saturday.

The price reduction follows similar moves by Dangote Refinery and its partners, who recently slashed their fuel prices to N875 in Lagos and N895 in Abuja. Other filling stations across the country have also adjusted their petrol prices downward, now selling between N900 and N910 per litre.

Reacting to the development, Muhammad Ibrahim, a motorist interviewed at one of the stations, expressed satisfaction with the price cut, noting that it was "long expected because other filling stations have reduced their petrol prices." He added that the move would provide Nigerians with more competitive fuel prices.

The price adjustment comes amid increasing competition in Nigeria's downstream oil sector following its liberalization. Chinedu Ukadike, spokesperson for the Independent Petroleum Marketers Association of Nigeria (IPMAN), had earlier stated that marketers are now competing favorably with NNPCL in the liberalized downstream oil and gas sector.

However, IPMAN has raised concerns about NNPCL allegedly encouraging monopoly, particularly regarding controversies surrounding the rehabilitation of Port Harcourt, Warri, and Kaduna refineries.

This price reduction represents a significant development in Nigeria's evolving fuel market, as competition between NNPCL, Dangote Refinery, and other marketers continues to influence pricing strategies in the country's petroleum sector.