The Nigerian National Petroleum Company Limited (NNPCL) has reduced the ex-depot price of Premium Motor Spirit (PMS), also known as petrol, from N890 per litre to N825 per litre as competition intensifies in the country’s downstream sector.
NNPCL’s spokesperson, Olufemi Soneye, confirmed the development in an interview with reporters on Monday. He stated that since the deregulation of the petroleum sector, the company has continued to adjust prices in response to market dynamics.
“As an energy company, it is not our practice to issue press releases or make public announcements for routine price adjustments at the pump, as such changes are a fundamental aspect of a market-driven system,” Soneye said.
He explained that the adjustments reflect prevailing market forces and ensure energy security while fostering an open and competitive environment in compliance with regulatory frameworks.
The price reduction follows a similar move by Dangote Refinery, which on March 1, 2025, lowered its ex-depot price by N65 per litre. This led its partner retail outlets to adjust pump prices to N860 per litre in Lagos, N870 in the South-West, N880 in the North, and N890 in the South-South and South-East.
Dangote Refinery stated that the adjustment was aimed at providing financial relief to Nigerians, particularly in celebration of the Ramadan season. The company said the move aligns with President Bola Ahmed Tinubu’s economic recovery policy and is part of its commitment to reducing the cost of refined petroleum products.
The refinery noted that this marks its second price reduction in February 2025, following an earlier N60 decrease. It also recalled a previous reduction of N70.50 per litre in December 2024 during the Yuletide period, as part of efforts to ease the cost of living for Nigerians.
