NNPC Announces New Petrol Pump Prices, Other Filling Stations Adjust

NNPC Announces New Petrol Pump Prices, Other Filling Stations Adjust

The Nigerian National Petroleum Company Limited (NNPCL) has reduced its retail pump price of Premium Motor Spirit(PMS) again. This is the second drop in as many weeks, reflecting the changes in the global crude oil market.

While prices in Lagos reduced from N1,210 to N1,125 a litre, motorists at the Abuja depot now pay N1,170 per litre, down from N1,260 per litre at NNPC stations.

This review comes less than a week after the company slashed petrol prices from N1,165 per litre to N1,150 per litre in Lagos and N1,255 per litre to N1,190 per litre in the FCT. NNPC retail stations in Lagos, Abuja and some other locations have adjusted to N1,170 Petroleumprice.ng reports.

Many independent and major marketers have reduced their pump prices due to a decrease in ex-depot prices and intensifying competition.

The changes followed as marketers buy petrol at depots at a lower price than last week.

For example, Integrated, Ascon, Sahara, Bono, and African Terminal supplied petrol at N1,120 per litre while Pinnacle and Techno Oil supplied petrol at N1,121 per litre, which makes it easy for retailers to lower their pump price.

The latest adjustment would increase competitive pressure on the oil marketers, and will further drive competition among them to woo customers and retain market share.

The federal government has also urged marketers to bring down domestic pump price whenever prices crash due to global oil price decline.

Although petrol price in the country is determined by market dynamics under the deregulated system, the government has said that it has the responsibility to protect the consumers.

Market experts are optimistic that the latest reduction by NNPC could trigger another round of downward reviews by the competing oil marketers within the week.