By Sunday Ameh
The Nigerian National Petroleum Company Limited (NNPCL) has reduced the pump price of Premium Motor Spirit (PMS), popularly known as petrol, by N36 per litre across its retail outlets.
The new price, which took effect on Monday, sees petrol selling at N1,299 per litre, down from the previous N1,335 per litre at NNPCL filling stations in Abuja and neighbouring communities.
Checks showed that the revised price is already being implemented at several outlets, including stations in Lugbe, Kubwa Expressway, Wuse Zone 3 and other parts of the Federal Capital Territory (FCT).
The latest adjustment comes just days after Dangote Refinery-affiliated MRS filling stations reduced the pump price of petrol by N40 per litre, bringing it down to N1,265 per litre.
Industry observers believe the reduction by MRS intensified competition in the downstream petroleum sector, prompting NNPCL and other major marketers to review their prices.
Before the latest cut, many filling stations were dispensing petrol at between N1,300 and N1,310 per litre.
The fresh reduction is expected to provide some relief to motorists and consumers grappling with rising transportation and energy costs.
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