Fuel marketers in Nigeria have slashed the pump price of Premium Motor Spirit (PMS), commonly known as petrol, in a move to boost patronage and remain competitive in the deregulated downstream oil and gas sector.

DAILY POST observed that several filling stations in Abuja, including major marketers such as Ranoil, Shafa, and AA Rano, have adjusted their prices downwards by at least ₦10 — now selling at ₦900 per litre, down from ₦910.

The spokesperson of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Chinedu Ukadike, described the development as a sign that the liberalisation of the sector is working.

“The era where the government determines the price of PMS is gone,” Ukadike said. “Price modulation is no longer done by the government but by demand and supply.”

Meanwhile, retail outlets of the Nigerian National Petroleum Company Limited (NNPCL) and partners of Dangote Refinery — including MRS, AP Ardova, Optima, and Bovas — are currently selling fuel at between ₦875 and ₦895 per litre in Lagos and Abuja.

Ukadike had earlier hinted that prices could fall even further, saying: “PMS price may nosedive down to ₦800 per litre.”

Industry players believe another round of price cuts could follow the upcoming Eid-Al-Adha celebrations as Dangote Refinery and NNPCL strive to maintain market share.

The move marks a significant shift in Nigeria’s downstream oil dynamics, driven largely by market forces and increased domestic refining activity.