The Nigerian National Petroleum Company Limited (NNPCL) has reduced the pump price of Premium Motor Spirit (PMS) at its retail stations to N860 per litre.
This is coming just a few days after Dangote refinery announced a reduction in its ex-depot petrol price from N890 to N825 per litre.
According to Dangote, the price adjustment aims to provide essential relief to Nigerians in anticipation of the upcoming Ramadan season while also supporting President Bola Ahmed Tinubu’s economic recovery policy by alleviating the financial burden on the populace.
Just like Dangote, the NNPCL also reduced its pump price to ₦860 per litre across its stations in Lagos state on Monday.
Oil marketers who spoke with Channels Television in confidence confirmed the price change, however, said the state oil company was yet to send an official memo to them concerning the new price.