Following a ₦10 decrease in ex-depot prices by Dangote Refinery and major depot owners, the state-owned oil company Nigerian National Petroleum Company Limited (NNPCL) on Thursday lowered the pump price of Premium Motor Spirit to ₦930 per litre from ₦945 per litre in Abuja.
Reports state that NNPCL retail shops have started the downward adjustment, lowering the price by ₦10 per litre from the previous ₦945, after monitoring gas stations in Abuja on Thursday. The cost of the replacement pump is now ₦930.
The price cut was applied to all NNPCL retail locations in Abuja and the surrounding areas, including those along the Kubwa Expressway, Gwarimpa, Wuse Zones 4 and 6. T
The PMS pump pricing were also modified by other independent gas stations.
Ranoil Filling Station in Gwarimpa was found to have lowered the retail pump price by ₦5, selling PMS at ₦935 instead of the original ₦940.
Similarly, at the MRS Ardova and AP Ardova stations in Abuja and surrounding areas, PMS is presently dispensing at ₦930 to ₦935.
As of Thursday morning, major depots, such as Pinnacle Depot and Aiteo Depot, also lowered ex-depot PMS rates by at least ₦10 per litre, offering PMS for ₦846, ₦845, and ₦844 per litre, respectively.
In response to the incident, Chinedu Ukadike, a spokeswoman for the Independent Petroleum Marketers Association of Nigeria (IPMAN), stated that as market rivalry heats up, PMS prices may face additional downward pressure.
