The Nigerian National Petroleum Company Limited (NNPCL) has reduced the pump price of Premium Motor Spirit (PMS), marking its second downward price adjustment in less than two weeks.
A market survey conducted on Sunday showed that NNPCL retail outlets have lowered the price of petrol from ₦1,210 to ₦1,150 per litre, representing a ₦60 reduction.
The latest adjustment brings the total reduction in NNPCL’s pump price to ₦110 per litre between June 27 and July 5, 2026, as competition in Nigeria’s downstream petroleum sector continues to intensify.
The development comes just three days after the Dangote Refinery announced its fourth reduction in ex-depot (gantry) petrol prices, bringing the rate down to ₦1,075 per litre.
Other marketers have also joined the price cuts. Filling stations operated by NIPCO, AA Rano, and Ranoil have reduced their retail prices to between ₦1,205 and ₦1,240 per litre.
The wave of price reductions coincides with a decline in global crude oil prices, with Brent crude trading at about $72 per barrel and West Texas Intermediate (WTI) at approximately $68 per barrel at the time of reporting.
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