The Nigerian National Petroleum Company Limited (NNPCL) has reduced the pump price of Premium Motor Spirit (PMS), popularly known as fuel or petrol to ₦890 per litre, marking the second downward review in less than one week. The latest development was observed across multiple NNPCL retail outlets in Abuja on Wednesday, July 23.
While NNPCL stations now sell at ₦890 per litre, major retailers linked to the Dangote Petroleum Refinery, including AP Ardova, Optima, MRS, and Bovas, were seen dispensing fuel at a slightly cheaper rate of ₦885 per litre.
Industry observers say the pricing gap may be linked to supply source advantages and efficiency in distribution from the newly operational Dangote Refinery.
Reacting to the recurring changes in fuel prices, the National President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Abubakar Maigandi, said the fluctuations are a direct outcome of the deregulated downstream oil sector.
price slash reflects a ₦5 per litre drop from the previous ₦895 pump price.
