Olushola Omogbehin
The Nigerian National Petroleum Company Limited (NNPCL) has reduced the pump price of Premium Motor Spirit (PMS) in Abuja and surrounding areas.
Our reporter who visited different filling stations in Abuja discovered that the state-owned oil companies have reduced the pump price from N1,335 per litre to N1,299 per litre.
The effect of the new price has started manifesting at NNPCL retail stations in many part of the capital city such as Lugbe, Kubwa Expressway, Wuse Zone 3.
The new reduction is coming two days after MRS Oil Nigeria Plc, supplied by the Dangote Petroleum Refinery, reduced its petrol price by N40 per litre to bring its pump price to N1,265 per litre.
However, the latest reduction by NNPCL has been seen as part of the growing price competition among marketers sequel to increased domestic supply from the Dangote Refinery and the ongoing deregulation of Nigeria’s downstream petroleum sector.
Already, motorists have expressed hope that continued competition among fuel suppliers will drive prices even lower in the weeks ahead.
