Retail stations of the Nigerian National Petroleum Company (NNPC) Limited have adjusted their pump price for premium motor spirit (PMS), otherwise known as petrol, to N945 per litre.
This is in compliance with a directive from the state-owned oil company to its franchise retail stations, particularly in Lagos.
The petrol pump price was slashed by the organisation from N960 per litre to N945 per litre after a private refinery, Dangote Petroleum and Refinery, announced a reduction in its ex-depot price to N890 per litre, citing a decline in the price of crude oil in the international market as the reason.
:Dangote Petroleum Refinery firmly believes that this reduction from N950 to N890 will result in a meaningful decrease in the cost of petrol nationwide, thereby driving down the prices of goods and services, as well as the overall cost of living, with a positive ripple effect on various sectors of the economy,” it further said in a statement.
A few of the NNPC retail stations visited by Business Post on Thursday showed that they were dispensing the product to consumers at the new price.
However, other independent oil marketers are still selling fuel to their customers at the old price of N960 per litre in Lagos.
It is only MRS Oil that is selling below this price, at N925 per litre.
The company recently announced its price reduction in a statement after Dangote Refinery, where it buys its products from, brought down its ex-depot price.
MRS said petrol at its retail stations would sell at N925 per litre in Lagos, N935 per litre in the South West, N945 per litre in the North, and N955 per litre in the South East.