The Nigerian National Petroleum Company Limited (NNPC) has lowered the ex-depot price of Premium Motor Spirit (PMS), commonly referred to as petrol, from N890 to N825 per litre, reflecting the heightened competition in Nigeria’s downstream sector.
NNPCL spokesperson, Olufemi Soneye, confirmed this development in an interview with Vanguard yesterday. He explained that since deregulation, the company has routinely adjusted prices in response to market dynamics.
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According to him, it is not NNPC’s usual practice to issue press releases or public announcements for routine price changes at the pump, as these adjustments are integral to a market-driven system.
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Soneye elaborated that price modifications occur regularly, driven by market forces. He asserted that this strategy ensures energy security for the nation while cultivating an open and competitive environment, allowing every Nigerian interested in the sector to participate freely in accordance with established regulations.
This price reduction follows a similar move by Dangote Refinery, implemented on March 1, 2025, when Dangote cut its ex-depot price by N65 per litre, prompting its partner retail outlets to update their pump prices. The new prices are set at N860 per litre in Lagos, N870 per litre in the South-West, N880 per litre in the North, and N890 per litre in the South-South and South-East.
