The Nigerian National Petroleum Company (NNPC) Limited has lowered the pump price of premium motor spirit (PMS) at its retail outlets in Lagos and Abuja.

A survey on Thursday showed that petrol now sells for N900 per litre in Lagos, down from N910, and N940 per litre in Abuja, down from N945.

The price reduction follows Dangote Petroleum Refinery’s recent cut of its ex-gantry petrol price to N828 per litre, which has influenced nationwide pricing trends.

Earlier this month, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) confirmed that the planned 15% ad-valorem import duty on petrol and diesel would no longer be implemented. The duty had initially been approved by President Bola Tinubu on October 21 but was later reversed by regulators.