The Nigerian National Petroleum Company Limited, NNPCL, has announced a reduction in the pump price of Premium Motor Spirit, PMS, commonly known as petrol, to N860 per litre.
This development is the latest in a price war among oil marketers and independent petroleum dealers.
It is also influenced by fluctuations in global crude oil prices.
The new NNPCL price, which takes effect on Monday, marks a significant drop from the previous average of N920 per litre.
Last week, Dangote Petroleum Refinery reduced the ex-depot price of petrol from N890 per litre to N825, marking its second price cut in February.
In a public notice on the price reduction, NNPCL announced three partner off-takers in Lagos: MRS at N860 per litre, AP at N865 per litre, and Heyden at N865 per litre.
𝙍𝙚𝙖𝙙 𝙩𝙝𝙚 𝙇𝙖𝙩𝙚𝙨𝙩 𝙎𝙥𝙤𝙧𝙩 𝙏𝙧𝙚𝙣𝙙𝙨 𝙖𝙣𝙙 𝙂𝙚𝙩 𝙁𝙧𝙚𝙨𝙝 𝙪𝙥𝙙𝙖𝙩𝙚𝙨 𝙖𝙨 𝙩𝙝𝙚𝙮 𝙙𝙧𝙤𝙥 𝙫𝙞𝙖 [𝙏𝙬𝙞𝙩𝙩𝙚𝙧] 𝙓 𝙖𝙣𝙙 𝙁𝙖𝙘𝙚𝙗𝙤𝙤𝙠 Now.
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