MOTORISTS in Nigeria have begun to experience modest relief at the pumps following a reduction in the retail price of Premium Motor Spirit (PMS), popularly known as petrol, by the Nigerian National Petroleum Company Limited (NNPC Ltd).
The national oil company lowered the pump price of petrol at its retail outlets to N1,130 per litre in Lagos and N1,165 per litre in Abuja, marking a significant drop from previous prices.
The new pricing represents a N100 reduction from the earlier N1,230 per litre in Lagos, while motorists in the Federal Capital Territory are now paying N95 less than the previous N1,260 per litre.
Checks across several NNPC filling stations confirmed that the revised price has already been implemented.
In Lagos, stations along Isheri Oshun Road, Apple Junction, and Ago Palace Way were observed dispensing petrol at the new N1,130 per litre rate.
Similarly, several NNPC retail outlets in the Federal Capital Territory have begun selling fuel at N1,165 per litre. Stations located in Jabi, Lifecamp, Wuse Zone 5, and Wuse Zone 4 were among those reflecting the price adjustment.
Motorists and commuters who spoke at some of the stations welcomed the reduction, although many described it as a modest relief given the broader cost-of-living pressures across the country.
The price cut by the refinery is believed to have influenced retail market dynamics, prompting downstream marketers and NNPC retail stations to adjust pump prices accordingly.
The development reflects increasing competition and pricing shifts in Nigeria’s downstream petroleum sector as domestic refining capacity begins to play a larger role in fuel supply.
The reduction also coincides with a sharp drop in global crude oil prices.
According to energy market data published by OilPrice.com, the international benchmark Brent Crude experienced a dramatic reversal earlier in the week.
Brent crude prices reportedly fell by nearly 27 percent, dropping from a previous high of $119 per barrel to about $87 per barrel within a short period.
Analysts say the easing global oil prices have helped reduce the cost of refined petroleum products, thereby influencing domestic pump prices.
In addition to petrol, diesel prices have also recorded a downward adjustment.
Industry sources indicate that Automotive Gas Oil (diesel) is now selling at approximately N1,430 per litre at the gantry, representing a N190 reduction from the previous price of N1,620 per litre.
The drop in diesel prices is expected to provide some relief to transporters, manufacturers and businesses that rely heavily on diesel-powered generators and equipment.
Energy analysts say the latest fuel price adjustment could signal the beginning of a more dynamic pricing regime in Nigeria’s downstream sector, where global oil prices, refinery output and supply chain costs increasingly influence retail pump prices.
However, they caution that sustained relief for consumers will depend on continued stability in global crude markets, domestic refining capacity, and exchange rate conditions affecting fuel imports and distribution.
For now, motorists in Lagos and Abuja appear to be enjoying a rare moment of price relief at the pump.