The Nigerian National Petroleum Company (NNPC) Limited has reduced the pump price of premium motor spirit (PMS), also known as petrol, across its retail outlets in Lagos, bringing slight relief to motorists.
A market survey by TheCable on Thursday showed that the price of petrol at an NNPC outlet on Idimu Road was reduced from ₦960 to ₦945 per litre. Similarly, the company’s retail station on Ago Palace Way, Okota, also fixed its price at ₦945 per litre.
However, the price at NNPC outlets in Abuja remains unchanged at ₦965 per litre.
Price Cuts Follow Recent Hikes
Henzodaily understands that the new price slash comes three weeks after NNPC increased petrol prices from ₦925 to ₦960 per litre across its Lagos outlets.
In December 2024, the company had previously reduced petrol prices from ₦1,025 to ₦925 per litre in Lagos and from ₦1,040 to ₦965 per litre in Abuja.
MRS And Dangote Refinery Also Lower Prices
The NNPC price cut follows similar moves by other major oil marketers. Three days earlier, MRS Oil reduced its petrol price from ₦970 to ₦925 per litre in Lagos.
MRS also announced varying prices for other regions: ₦935 per litre in the Southwest, ₦945 per litre in the North, and ₦955 per litre in the East.
On February 1, Dangote Petroleum Refinery also reduced its ex-depot price from ₦950 per litre to ₦890 per litre.