The Nigerian National Petroleum Company Limited (NNPC) has reduced the pump price of Premium Motor Spirit (PMS) to N1,170 per litre at its retail stations in Lagos, marking its second price cut in two weeks as competition intensifies in Nigeria’s downstream oil market.

In Abuja, the national oil company also lowered the price to N1,210 per litre from N1,260 per litre, reflecting the continued decline in petrol costs across the supply chain.

The latest adjustment follows an earlier reduction made less than a week ago, when NNPC cut petrol prices from N1,295 to N1,210 per litre in Lagos and from N1,335 to N1,260 per litre in the Federal Capital Territory.

The price reduction comes as depot prices continue to fall, enabling marketers to buy petrol at lower rates. Industry data showed that several depots have been supplying the product at about N1,120 per litre, giving retailers room to reduce pump prices.

Following the drop in wholesale prices, several independent and major marketers have also reviewed their retail prices downward in a bid to remain competitive and attract customers.

Market analysts expect NNPC’s latest price cut to trigger further reductions by other filling stations in the coming days as operators compete for market share in the deregulated downstream sector.

The Federal Government has consistently urged marketers to pass on the benefits of lower global crude oil prices to consumers. While petrol pricing is now driven by market forces under the deregulated regime, the government maintains that it will continue to monitor developments to protect consumers from unfair pricing practices.