Nigerian National Petroleum Company Limited (NNPCL) has announced a noteworthy reduction in the pump price of Premium Motor Spirit (PMS) to N860 per litre, effective Monday. This strategic move reflects an ongoing price competition among oil marketers and independent dealers and is influenced by global crude oil price fluctuations. For local consumers in Lagos, this adjustment is a positive development in the ever-evolving Nigeria news landscape.
Reflecting on the Abuja news, the significant price drop from N920 follows the Dangote Petroleum Refinery’s reduction of its ex-depot price to N825. NNPCL’s initiative is seen as a relief for local consumers, particularly as partner off-takers in Lagos (MRS – N860, AP – N865, Heyden – N865) adopt this pricing structure. This adjustment is anticipated to mitigate consumer hardship amid fluctuating fuel prices.
Key Takeaways:
- NNPCL reduces petrol price to N860, showing sector-wide competitive pricing.
- Price change follows Dangote Petroleum Refinery’s recent adjustments.
- New Lagos pricing expected to benefit consumers during price instability.
Do you think these price changes will significantly impact your monthly budget on fuel? Share your thoughts in the comments!
