By Muhammad Mamman
The Nigerian National Petroleum Company Limited (NNPCL) has again slashed the pump price of Premium Motor Spirit (PMS) to about ₦835 per litre in major cities, marking its third reduction in less than a month as competition in the downstream petroleum sector continues to deepen.
The new pricing regime sees NNPCL outlets in Lagos selling petrol between ₦838 and ₦840 per litre, with stations in Igando, Lekki and Iwaya already reflecting the adjustment. In Abuja, NNPCL stations have reduced prices to ₦835 per litre, down from the previous ₦915.
Industry analysts attribute the sustained downward trend to easing ex-depot prices, reduced freight and insurance costs, and significantly increased domestic supply—particularly from the Dangote Refinery, whose aggressive pricing strategy has altered market dynamics. Private depots, including Dangote’s, have cut ex-depot charges to between ₦699 and ₦800 per litre.
Independent marketers such as MRS, BOVAS and AA Rano have also responded by lowering pump prices in Abuja, offering rates between ₦739 and ₦865 per litre.
The developments reflect a gradual shift towards more competitive, market-responsive pricing in Nigeria’s fuel sector, reducing the country’s long-standing dependence on imported petrol. Consumers, especially commuters travelling for the festive season, are already experiencing immediate relief.
However, experts caution that future price stability will continue to hinge on global crude oil trends, exchange rate movements and domestic refinery output.
The intensifying competition is expected to push operators towards more efficient supply strategies, with stakeholders urging the government to guarantee open market access to sustain the downward pressure on prices.
