By Time Nigeria Magazine
The Nigerian National Petroleum Company (NNPC) Limited has again reduced the pump price of Premium Motor Spirit (PMS), also known as petrol, to N910 per litre—down from the previous rate of N945.
This adjustment took effect on Saturday at NNPC retail stations across key areas in Abuja, including Zone 6 along the Kubwa Expressway, Wuse Zone 4, and several other strategic locations. The N35 reduction marks a significant move by the state-owned oil firm to ease the burden on consumers.
Time Nigeria Magazine can confirm that this development comes on the heels of a similar decision by Dangote Petroleum Refinery. Earlier in the week, the refinery announced a cut in its ex-depot price of PMS from N880 to N840 per litre. The Group’s spokesperson, Mr. Anthony Chiejina, stated, “PMS price has been reduced from N880 to N840 per litre effective 30th June.”
The price reductions across the petroleum sector are attributed to a decline in global crude oil prices. Industry analysts link the downward trend to recent geopolitical tensions, particularly the Israel-Iran conflict and the aftermath of reported bombings of Iranian nuclear sites by U.S. President Donald Trump, which initially triggered volatility in the oil markets.
Independent Petroleum Marketers Association of Nigeria (IPMAN) members have also responded by adjusting their pump prices. In Abuja, pump prices at non-NNPC stations now range between N930 and N940 per litre, down from previous highs of N945 to N975. Lagos consumers are also seeing relief, with prices dipping to N890 from as high as N925 per litre.
The price adjustments signal a cautiously optimistic outlook for Nigerian motorists and are seen as a response to mounting public pressure and global market dynamics.
