The Nigerian National Petroleum Company (NNPC) Limited has reduced the pump price of Premium Motor Spirit (PMS), commonly known as petrol, to N910 per litre at its filling stations in Abuja.

This marks a drop from the previous N935 per litre price.The price cut follows a recent move by Dangote Petroleum Refinery, which slashed its gantry price by N10 for marketers, sparking a competitive pricing battle in the domestic petroleum market.

While the new price is currently effective only in Abuja, it aligns NNPC’s retail price with those of Dangote’s partners in the city, leveling the playing field.A source familiar with the market dynamics explained, “Marketers are receiving a rebate after purchase, which allows them to remain competitive on pricing at their retail outlets.”

Dangote’s partners, including Ardova, Mobil, Petrocam, Hyden, Technooil, and Matrix, have also been asked to reduce their prices in various regions, with Lagos prices as low as N890 per litre.

According to Petroleumprice.ng, “Dangote’s model has closed the price gap by N10 to N15, applying significant pressure on competitors. Nigeria’s fuel market is undergoing a transformation, driven more by local strategies than crude oil prices.”

The NNPC’s price adjustment reflects ongoing efforts to ease fuel costs for consumers amid intense competition, signaling a shift towards more affordable petrol prices nationwide.