The Nigerian National Petroleum Company (NNPC) Limited has reduced the pump price of premium motor spirit (PMS), commonly known as petrol, at several of its retail outlets in Lagos and Abuja, offering some relief to consumers facing rising living costs.
According to observations made on Monday, NNPC filling stations in Lagos sold petrol for as low as N880 per litre, a notable drop from the previous N925 per litre. In Abuja, prices also fell from N950 to N935 per litre.
In Lagos, the NNPC station at Apple Junction offered the lowest price at N880 per litre. However, other outlets within the city varied in pricing, with N905 at the Ago Palace Way branch, and N910 per litre at stations along Idimu and Ikotun roads.
In Abuja, stations located along Airport Road, Lugbe, and within the Federal Housing area in Kubwa all reflected the reduced rate of N935 per litre.
The price cuts come shortly after Dangote refinery slashed its ex-gantry price of petrol to N890 per litre, influencing its key distribution partners to reduce pump prices as well. On April 16, the refinery confirmed that its major marketers had adjusted retail prices in Lagos from N920 to N890 per litre.
The NNPC’s recent move appears aligned with this trend, as both companies respond to shifts in supply costs and a push for competitive pricing. Although the nationwide price remains high by historical standards, these reductions mark the first significant cuts since the liberalisation of the downstream petroleum sector.
The adjustment is expected to impact market pricing dynamics, with the possibility of further reductions if supply conditions continue to improve. However, variability in prices across different retail outlets suggests that local logistics and distribution factors still play a major role in determining final pump prices.
Consumers across Lagos and Abuja welcomed the development, expressing hope that it signals a broader easing of fuel prices, which have contributed heavily to transportation and commodity costs since fuel subsidies were removed.
