The Nigerian National Petroleum Company (NNPC) Limited has reduced the pump price of Premium Motor Spirit (PMS), popularly known as petrol, across its retail stations in Lagos and Abuja.
A market survey on Thursday revealed that petrol now sells for N900 per litre in Lagos and N940 per litre in Abuja. This represents a N10 drop from the previous N910 price in Lagos and a N5 reduction from the earlier N945 price in the nation’s capital.
The latest downward review follows three weeks after the Dangote Petroleum Refinery slashed its ex-gantry petrol price to N828 per litre, a move that has continued to push retail prices downward nationwide.
Regulatory decisions have also played a role in the changing pricing landscape. On November 13, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) announced the suspension of the proposed 15% ad-valorem duty earlier approved by President Bola Tinubu on October 21.
“The implementation of the 15% ad-valorem import duty on imported Premium Motor Spirit and Diesel is no longer in view,” the NMDPRA confirmed.
The combination of refinery-driven price shifts and regulatory reversals continues to shape petrol pricing across the country as consumers await further market stability.
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