THE Nigerian National Petroleum Company (NNPC) Limited has reduced the pump price of Premium Motor Spirit, PMS, also known as petrol to N915 per litre in Lagos and N955 per litre in Abuja.

The product was previously sold at N890 per litre and N855 per litre in Abuja and Lagos, respectively.

Checks by Vanguard indicated that the NNPC retail outlets sold the product for N915 per litre in Lagos, indicating a drop of N50 from the previous price of N865 per litre.

Also, two NNPC filling stations on the Ago Palace Way, Okota, the price of petrol was increased to N915 per litre.

Five oil marketers – Aiteo, AA Rano,Wosbab, Ibachem and Sahara – have slashed the depot prices of the Premium Motor Spirit, PMS, also known as petrol to N820 per litre from more than N825 per litre as competition heightens in Nigeria’s downstream sector.

The checks further indicated that operators in the domestic market still compete among themselves, as the market has since been deregulated.

Recently, it was reported that the Dangote Petroleum Refinery was the first to reduce its gantry price to N820 per litre from more than N830 per litre a few days ago, due to the drop of crude oil price to $69 per barrel from more than $70 per barrel.

However, data obtained from the daily oil and gas market intelligence report, weekend, indicated that the marketers decided to reduce their prices in order to remain competitive in the market.

The Chief Executive Officer of Petroleumprice.ng, Olatide Jeremiah, had said: “The downstream sector has been unstable in recent times, due to instability in the global oil market. We should expect to witness such instability in the domestic market. Indeed, competition will drive prices downwards.

“Dangote is most likely to review its prices downwards to edge off private depots in anticipation of August 15, 2025 when Dangote Petroleum Refinery is expected to rollout 4,000 Compressed Natural Gas, CNG trucks to all retail outlets and companies,” he said.