Petrol Gets Cheaper Again – NNPCL Slashes Pump Price to N1,150 Per Litre, Second Petrol Price Cut in Two Weeks as Competition Heats Up
‘Petrol Gets Cheaper Again – NNPCL Slashes Pump Price to N1,150 Per Litre, Second Petrol Price Cut in Two Weeks as Competition Heats Up
The Nigerian National Petroleum Company Limited (NNPCL) has reduced the pump price of Premium Motor Spirit (PMS), also known as petrol, for the second time in less than two weeks.
A market survey on Sunday showed that NNPCL filling stations have lowered the price from N1,210 to N1,150 per litre, giving motorists a N60 reduction.
With this latest adjustment, the company has now slashed petrol prices by a total of N110 per litre since June 27, 2026. The move is seen as part of efforts to stay competitive as more players continue to adjust their prices in Nigeria’s downstream petroleum market.
The latest reduction comes shortly after Dangote Refinery cut its ex-depot price to N1,075 per litre, its fourth price reduction within a short period. Industry experts believe the refinery’s pricing strategy has pushed other suppliers and marketers to reduce their own prices to remain competitive.
Independent marketers have also joined the trend. Companies such as NIPCO, AA Rano and Ranoil have reduced their pump prices to between N1,205 and N1,240 per litre.
The drop in petrol prices also follows a decline in global crude oil prices. Brent crude recently traded at about $72 per barrel, while West Texas Intermediate (WTI) crude stood at around $68 per barrel. Lower crude oil prices, alongside market competition, have helped create room for cheaper petrol.
The latest reduction is expected to bring some relief to motorists, transport operators and businesses that depend on petrol for their daily activities. Many Nigerians hope the growing competition among fuel suppliers will lead to even lower prices in the coming weeks if global oil prices remain stable.
