Motorists across Nigeria are set to enjoy lower fuel costs after the Nigerian National Petroleum Company Limited (NNPC) reduced the pump price of premium motor spirit (PMS) at its retail outlets from N1,170 to N1,110 per litre.

The N60 per litre reduction follows recent price cuts by Dangote Refinery, which has lowered its ex-depot price several times in recent weeks to N1,075 per litre, prompting other depot operators and fuel marketers to review their prices downward.

Industry data shows that several depots are now selling petrol between N1,074 and N1,076 per litre, with marketers aligning their prices to remain competitive. The reductions have gradually filtered through to filling stations, leading to lower pump prices in major cities.

In Abuja and neighbouring areas, petrol prices have fallen to between N1,150 and N1,205 per litre, compared with over N1,300 per litre in June. In Lagos, some retail outlets are now dispensing petrol at around N1,135 per litre, offering motorists further relief.

The Independent Petroleum Marketers Association of Nigeria (IPMAN) attributed the price decline to the recent easing of global crude oil prices, explaining that changes in international oil prices directly influence domestic petrol costs.

However, industry players cautioned that the downward trend may not last if global crude oil prices rise again due to geopolitical tensions, particularly in the Middle East.

Meanwhile, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has assured Nigerians that the country has sufficient supplies of petrol, diesel and liquefied petroleum gas (LPG) to meet demand. The regulator urged consumers to avoid panic buying, maintaining that fuel availability remains stable nationwide.