The Nigerian National Petroleum Company Limited (NNPCL) has reduced the pump price of Premium Motor Spirit (PMS), popularly known as petrol, across its retail outlets, cutting the cost from N1,335 to N1,299 per litre.
The N36 per litre reduction has taken effect at several NNPCL filling stations in Abuja, including outlets in Lugbe, along the Kubwa Expressway, Wuse Zone 3 and other parts of the Federal Capital Territory.
The latest price adjustment comes two days after Dangote Refinery-backed MRS filling stations announced a N40 per litre reduction, bringing their pump price to N1,265 per litre.
The MRS price review had fuelled expectations that other major marketers would lower their pump prices to remain competitive in the deregulated downstream petroleum market.
With NNPCL now implementing a similar reduction, motorists are expected to enjoy some relief from high fuel costs. Industry analysts also believe the move could prompt other filling stations currently selling petrol at between N1,300 and N1,310 per litre to review their prices.
The development highlights the increasing competition among petroleum marketers following the deregulation of the downstream sector, where pump prices are now largely determined by market forces, supply costs and competition.
Many Nigerians will be hoping that the downward trend in petrol prices is sustained, as further reductions could ease transportation costs and lessen the financial burden on households and businesses.
