In a surprising turn of events, the Nigerian National Petroleum Company Limited (NNPCL) has slashed the pump price of Premium Motor Spirit (PMS), commonly known as petrol, to N860 per litre. This drastic reduction, effective from Monday, signals an intensifying price war among major oil marketers and independent petroleum dealers.
The price cut follows the recent move by Dangote Petroleum Refinery, which slashed its ex-depot petrol price from N890 per litre to N825, marking its second price adjustment in February. The competition between industry giants, coupled with fluctuations in global crude oil prices, is now driving a downward trend in petrol costs.
NNPCL, in an official statement, disclosed the pricing structure across its partner off-takers in Lagos. MRS will dispense petrol at N860 per litre, while AP and Heyden have set their rates at N865 per litre. This development has left many Nigerians hopeful for further reductions as the battle for market dominance heats up.
With fuel prices being a critical economic factor, this price cut could ease the burden on consumers, potentially lowering transportation and commodity costs. However, industry analysts warn that global oil market volatility could still influence future pricing trends.
Is this the beginning of a sustained drop in fuel prices, or just a temporary relief? Nigerians will be watching closely as the market unfolds.
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