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Following a ₦10 decrease in ex-depot prices by Dangote Refinery and significant depot owners, the state-owned oil company Nigerian National Petroleum Company Limited (NNPCL) on Thursday lowered the pump price of Premium Motor Spirit to ₦930 per litre from ₦945 per litre in Abuja.
Reports claim that NNPCL retail outlets have started the downward adjustment, lowering the price by ₦10 per litre from the previous ₦945, after monitoring gas stations in Abuja on Thursday. The price of the new pump is ₦930.
The price cut was applied to all NNPCL retail locations in Abuja and the surrounding areas, including those along the Kubwa Expressway, Gwarimpa, Wuse Zone 4, and Wuse Zone 6. It
PMS pump prices were also modified by other independent filling stations.
It was noted that Ranoil Filling Station in Gwarimpa sold PMS at ₦935 instead of the original ₦940 after lowering the retail pump price by ₦5.
Similarly, at the MRS Ardova and AP Ardova stations in Abuja and surrounding areas, PMS is currently dispensing at ₦930 to ₦935.
As of Thursday morning, major depots including Pinnacle Depot and Aiteo Depot also lowered ex-depot PMS pricing by at least ₦10 per litre, selling PMS at ₦846, ₦845, and ₦844 per litre, respectively.
Chinedu Ukadike, a spokeswoman for the Independent Petroleum Marketers Association of Nigeria (IPMAN), responded to the development by stating that as market rivalry heats up, PMS prices may face additional downward pressure.
