The Nigerian National Petroleum Company Limited (NNPCL) is reportedly considering a reduction in the price of Premium Motor Spirit (PMS), following recent cuts by MRS Filling Station and Dangote Refinery.
The development was confirmed by key industry leaders, including Billy Gillis-Harry, National President of the Petroleum Products Retail Outlet Owners Association, and Chinedu Ukadike, Spokesperson for the Independent Petroleum Marketers Association of Nigeria.
On Monday, MRS announced a significant price reduction, marking the first such decrease in 2025. The company dropped its fuel prices to N925 per litre in Lagos, N933 in the South West, N945 in the North, and N955 in the South-East, down from approximately N970 per litre.
This move follows a similar reduction by Dangote Refinery, which on February 1, 2025, lowered its ex-depot price from N970 to N870 per litre.
Industry experts, including Gillis-Harry and Ukadike, expressed confidence that NNPCL would soon follow suit. Gillis-Harry emphasized that NNPCL could not ignore the market trend, noting that consumers would choose the cheaper option if available.
Ukadike suggested that the ongoing price war between Dangote Refinery and NNPCL made it inevitable for the latter to reduce its fuel prices to remain competitive in the market.
The price cuts are expected to have a significant impact on the country’s downstream sector, offering relief to consumers amid rising fuel costs.
Also Read:
UCH, IBEDC power crisis embarrassment to Nigerian Government – Minister
Trump halts prosecution of Americans under Anti-Bribery Law
Yobe CP warns new recruits against actions detrimental to Police
cc: Daily Post Ng
