The Nigerian National Petroleum Company Limited (NNPCL) has reportedly reduced the pump price of Premium Motor Spirit (PMS), or petrol, to around ₦835 per litre in key cities.

The adjustment marks a fall from the previous ₦915 per litre. In Lagos, NNPCL outlets at Igando, Lekki, and Iwaya now sell petrol between ₦838 and ₦840 per litre, while stations in Abuja have adopted the ₦835 per litre rate.

Industry sources attribute the reduction to competitive pricing by private players, notably the Dangote Refinery, which has been actively lowering fuel prices to increase market share.

Analysts note that the move reflects broader shifts in Nigeria’s downstream petroleum sector, driven by growing domestic refining capacity and declining ex-depot costs. Independent marketers like MRS, BOVAS, and AA Rano have also adjusted prices in Abuja, with pump rates ranging from ₦739 to ₦865 per litre, while private depots have reduced ex-depot prices to ₦699–₦800 per litre.

Observers describe the cuts as a welcome relief for consumers, especially ahead of the festive season when travel demand surges. They also highlight a gradual transition toward market-responsive pricing, reducing Nigeria’s historical reliance on imported fuel.

However, experts caution that petrol prices remain sensitive to global crude prices, exchange rates, and domestic refinery output, meaning further adjustments are possible.

Earlier this month, Dangote Petroleum Refinery slashed the ex-depot price of PMS from ₦828 to ₦699 per litre, marking the 20th price adjustment by the refinery in 2025 alone.