The Nigerian National Petroleum Company (NNPC) Limited has reduced the pump price of Premium Motor Spirit (PMS).
The updated price took effect on Saturday at NNPC outlets across key locations in Abuja, including Zone 6 on Kubwa Expressway, Wuse Zone 4, and other areas.
Three development brings the rate down to N910 per litre from the previous N945. The reduction represents a N35 cut in the official petrol price at the state-owned filling stations.
This development follows closely on the heels of a similar move by Dangote Petroleum Refinery, which on Monday reduced its ex-depot price of petrol from N880 to N840 per litre.
Tribune Online reports that the Group’s spokesperson, Anthony Chiejina, confirmed the adjustment, stating, “PMS price has been reduced from N880 to N840 per litre effective 30th June.”
The recent wave of reductions has been linked to a drop in global crude oil prices, following weeks of volatility sparked by the Israel-Iran conflict and renewed tensions after the bombing of three Iranian nuclear facilities by U.S. President Donald Trump.
In a related move, members of the Independent Petroleum Marketers Association also adjusted their pump prices downward.
In Abuja, retail prices fell to between N930 and N940 per litre from previous highs of N945 to N975. Similarly, prices in Lagos dropped to N890 per litre from N925.
