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

A Daily Post reporter who went round NNPCL filling stations at Kubwa Expressway, Central Business District, and Wuse Zone 4, Abuja, on Saturday gathered that the state-owned oil firm has slashed its petrol price to N895 per litre from N910. This showed that NNPCL reduced its fuel pump by N15.

Reacting to the petrol price cut, a motorist, Muhammad Ibrahim, said the development is expected as it would avail Nigerians more competitive prices.

“It is long expected because other filling stations have reduced their petrol prices,” he told Daily Post.

The latest NNPCL retail price drop comes days after Dangote Refinery and its partners slashed their fuel price to N875 and N895 in Lagos and Abuja.

Other filling stations had reduced their petrol pump prices to between N900 and N910 per litre.

Earlier, the spokesperson of the Independent Petroleum Marketers Association of Nigeria, Chinedu Ukadike, said marketers are now competing favourably with NNPCL following the liberalisation of the country’s downstream oil and gas sector.

He further noted that NNPCL is encouraging monopoly over controversies surrounding the rehabilitation of Port Harcourt, Warri and Kaduna refineries.