The Nigerian National Petroleum Company Limited, NNPCL, has announced a reduction in the pump price of Premium Motor Spirit (PMS), commonly known as petrol, to N860 per litre.
This development is the latest in a price war among oil marketers and independent petroleum dealers. It is also influenced by fluctuations in global crude oil prices.
The new NNPCL price, which takes effect on Monday, marks a significant drop from the previous average of N920 per litre.
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Last week, Dangote Petroleum Refinery reduced the ex-depot price of petrol from N890 per litre to N825, marking its second price cut in February.
In a public notice on the price reduction, NNPCL announced three partner off-takers in Lagos: MRS at N860 per litre, AP at N865 per litre, and Heyden at N865 per litre.
