Victor EzejaThe Nigerian National Petroleum Company Limited (NNPCL) has slashed the pump price of its Premium Motor Spirit (PMS), also known as petrol, 48 hours after increasing it across retail outlets.
In Abuja, the Federal Capital Territory, NNPC retail outlets reduced the PMS pump price to N900 from N955 sold on Monday, reflecting a N55 reduction.
Join our WhatsApp ChannelIn Lagos, Prime Business Africa observed that the NNPC outlet at Isolo along Oshodi-Apapa Expressway adjusted the PMS price to N875 per litre on Wednesday. This means a N40 reduction from N915 per litre they sold on Tuesday.
Before Monday, NNPCL filling stations sold the product at N890 per litre in Abuja and N855 per litre in Lagos.
NNPCL had increased its petrol pump price on Monday after independent petroleum marketers increased prices to between N950 and N971 per litre during the weekend, following an upward adjustment of the ex-depot price by Dangote Refinery from N820 to N858 per litre.
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Other filling stations owned by independent marketers, such as IBWAS along Isolo road in Lagos, sold at N895 per litre on Wednesday.
However, Dangote refinery partners, including MRS, AP, have maintained the pump price at N885.
There has been intense competition in the downstream petroleum market. Dangote Petroleum Refinery had last month reduced its gantry price to N820 per litre from N840 when crude oil price dropped in the international market. This also forced other major marketers to reduce their prices in order to remain competitive in the market.
Checks on Petroleumprice.ng reveal that Dangote refinery’s depot price of PMS is currently at N858 per litre, A. A Rano N860, Pinnacle N860, Rainoil in Lagos and Delta N865, AIPEC N865, NIPCO N870, Matrix – N861 in Lagos, N862 in Warri and N880 in Port Harcourt.
Victor Ezeja is a passionate journalist with seven years of experience writing on economy, politics and energy. He holds a Master's degree in Mass Communication.
