The Nigerian National Petroleum Company Limited (NNPCL) has announced a reduction in the pump price of Premium Motor Spirit (PMS), commonly known as petrol, to N860 per litre, effective Monday.

The price cut is part of an ongoing competition among oil marketers and independent petroleum dealers, influenced by fluctuations in global crude oil prices. The new rate marks a significant drop from the previous average of N920 per litre.

This development follows Dangote Petroleum Refinery’s recent decision to lower its ex-depot price of petrol from N890 per litre to N825, marking its second price reduction in February.

According to NNPCL’s public notice, three partner off-takers in Lagos will adopt the following prices:

MRS – N860 per litre

AP – N865 per litre

Heyden – N865 per litre

The price adjustment is expected to provide some relief to consumers amid ongoing fuel price fluctuations.