NNPCL Cuts Petrol Price Again as Market Competition Intensifies in Nigeria

The Nigerian National Petroleum Company Limited, NNPCL, has reduced the pump price of Premium Motor Spirit for the second time in less than a week. This development signals growing competition in the country’s downstream oil sector.

New Price Drops to N920 Per Liter

A survey conducted by DAILY POST at NNPCL retail outlets in Abuja on Thursday confirmed that petrol is now selling for N920 per liter, down from N930. This adjustment reflects a N10 reduction and marks another price shift within days.

The new pump price was implemented across several filling stations in the capital, including Gwarimpa, Kubwa Expressway, and Wuse Zone 4.

Chinedu Ukadike, spokesperson for the Independent Petroleum Marketers Association of Nigeria, IPMAN, told DAILY POST that Nigerians should expect further price adjustments as marketers continue to compete for customers.

According to Ukadike, the ongoing changes indicate a more dynamic market, especially as private players increasingly influence pricing and supply. He noted that competition is likely to benefit consumers, provided supply remains stable.

With back to back price cuts and stronger rivalry among major distributors, analysts believe that Nigeria’s petrol market may be entering a new era of flexible pricing.

Will this ongoing competition lead to more relief for consumers in the coming weeks.

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