The Nigerian National Petroleum Company Limited (NNPC) has reduced the ex-depot price of Premium Motor Spirit (PMS), also known as petrol, to N825 per litre from N890 per litre as competition intensifies in Nigeria’s downstream sector.
NNPCL’s spokesperson, Olufemi Soneye, confirmed the development in an interview with Vanguard yesterday. He stated that since deregulation, the company has consistently adjusted prices in response to market dynamics.
According to him, as an energy company, it is not NNPC’s 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 further explained that price adjustments occur regularly, reflecting the influence of market forces. He noted that this approach ensures energy security for the nation while fostering an open and competitive environment where every Nigerian interested in the sector can participate freely in line with established regulations.
This price reduction follows a similar move by Dangote Refinery, which took effect on March 1, 2025. Dangote slashed its ex-depot price by N65 per litre, leading its partner retail outlets to adjust their pump prices. The new prices stand at N860 per litre in Lagos, N870 per litre in the South-West, N880 per litre in the North, and N890 per litre in the South-South and South-East.
According to Dangote Refinery, this price adjustment is designed to provide essential relief to Nigerians, particularly in celebration of the Ramadan season. The move also supports President Bola Ahmed Tinubu’s economic recovery policy by alleviating the financial burden on the Nigerian populace.
The refinery emphasised that it has consistently lowered the prices of petrol and other refined petroleum products for the benefit of Nigerians. This marks the second reduction in February 2025, following a previous decrease of N60 earlier in the month.
