The Nigerian National Petroleum Company Limited (NNPCL) has reduced the retail pump price of Premium Motor Spirit (PMS) to N1,170 per litre in Lagos and N1,210 per litre in Abuja, marking a second consecutive cut of N40 per litre within two weeks.
New Petrol Prices Across Major Cities
Motorists in Lagos now pay N1,170 per litre, down from N1,210 per litre, while those in Abuja purchase petrol at N1,210 per litre, a decrease from the previous N1,260 per litre. This adjustment follows a reduction less than a week ago when NNPC slashed prices from N1,295 to N1,210 in Lagos and from N1,335 to N1,260 in Abuja.
NNPC retail stations in Lagos, Abuja, and several other locations have implemented the new rates, which can be confirmed at NNPC outlets.
Competition Drives Down Prices
Independent and major marketers are also reducing their pump prices, driven by a drop in ex-depot prices and intensifying competition. On the same day, many depots in Lagos supplied petrol at lower rates than the previous week. For instance, Integrated, Ascon, Sahara, Bono, and African Terminal sold petrol at N1,120 per litre, while Pinnacle and Techno Oil supplied at N1,121 per litre, enabling retailers to lower their prices.
This development is expected to heighten competitive pressure among oil marketers, encouraging them to attract customers and retain market share. The federal government has also urged marketers to reduce domestic pump prices whenever global oil prices decline, though petrol prices in Nigeria are primarily determined by market dynamics under the deregulated system.
Market Outlook and Diesel Price Surge
Market experts anticipate that this reduction could trigger another round of downward price reviews by competing oil marketers within the week. However, in a separate report, the National Bureau of Statistics (NBS) revealed that the average retail price of Automotive Gas Oil (AGO), commonly known as diesel, increased by 86.40% year-on-year to N3,277.47 per litre in May 2026, up from N1,758.26 per litre in May 2025. On a month-on-month basis, diesel prices rose by 32.44% from N2,474.69 per litre in April 2026.
