The Nigerian National Petroleum Company Limited, NNPC has announced a reduction in the pump price of petrol
In a terse statement on Thursday, NNPC said it has reduced the PMS price from ₦960 to ₦945 per litre at its retail stations.
The price adjustment took effect on February 13, following directives issued by the company to its retail outlets.
“Yes, this morning (Thursday), we received instructions from the head office to reduce the price from N960 to N945. You can already see the level of patronage and the long queues,” a petrol attendant at the station disclosed.
The price reduction by NNPC comes on the heels of a similar move by MRS Oil Nigeria Plc, which recently announced a new petrol pump price of N925 per litre across all its filling stations in Lagos.
MRS, in a statement, detailed its updated regional pricing structure, with petrol selling at N935 per litre in the South West, N945 per litre in the North, and N955 per litre in the South East.
The recent price adjustments are attributed to favourable developments in the global energy sector and a notable decline in international crude oil prices.
