The Nigerian National Petroleum Company Limited (NNPCL) has once again made a significant move in the petroleum market, reducing the pump price of Premium Motor Spirit (PMS), or petrol, for the second time in less than one week.
Effective Thursday, NNPCL retail outlets across Abuja adjusted their price downwards to ₦920 per liter, marking a ₦10 reduction from the previous price of ₦930. The new price was immediately implemented at several key NNPCL filling stations, including those located in Gwarimpa, Kubwa Expressway, and Wuse Zone 4 in the Federal Capital Territory.
This adjustment follows an earlier price slash implemented by the state-owned oil firm on November 28, 2025, when the cost of petrol was reduced by $\text{₦}15$ per liter. This double reduction suggests a deliberate strategy by NNPCL to leverage its position in the competitive downstream sector.
The spokesperson for the Independent Petroleum Marketers Association of Nigeria (IPMAN), Chinedu Ukadike, offered insight into the broader trend. Speaking on the matter, Ukadike predicted that fuel prices would continue their downward trajectory.
He attributed this ongoing price reduction to the increasing competition now characterizing the country’s downstream oil sector, driven primarily by the actions of major players like NNPCL. As noted by Reports, market liberalization is creating a highly competitive environment, ultimately benefitting consumers through lower prices at the pump.
