The Nigerian National Petroleum Company Limited (NNPC) has announced a reduction in the pump price of Premium Motor Spirit (PMS), commonly known as petrol, to ₦860 per litre.
This decision comes amidst an intensifying price war among major marketers and independent petroleum dealers, as well as fluctuations in global crude oil prices.
Key Details:
- New Price: The new price of ₦860 per litre took effect on Monday, March 3, 2025. This marks a significant drop from the previous average of ₦920 per litre.
- Competitive Pricing: The reduction by NNPC, the country’s largest fuel supplier, has sparked a wave of competitive pricing among private marketers. For instance, Dangote Petroleum Refinery recently reduced its ex-depot price of petrol from ₦890 per litre to ₦825 per litre.
- Public Reaction: While the price reduction has been welcomed by many, some Nigerians remain skeptical, questioning whether the drop is sustainable. Adeola Ogunleye, a commercial bus driver in Lagos, expressed hope that the reduction is not just a temporary move to calm the public.
This development is expected to provide some relief to Nigerians grappling with the high cost of living. However, the sustainability of the price reduction remains a topic of discussion.
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