The Nigerian National Petroleum Company Limited (NNPCL) has reduced the retail price of Premium Motor Spirit (PMS) to N1,150 per litre, marking a N60 drop from the previous N1,210 per litre. This is the second price cut in less than two weeks, bringing the total reduction to N110 per litre between June 27 and July 5, 2026. The move comes amid declining global crude oil prices and intensifying competition among fuel suppliers, offering relief to Nigerian consumers.
Price War Intensifies in Downstream Sector
NNPCL's latest adjustment follows Dangote Refinery's fourth reduction in its gantry loading price, now at N1,075 per litre. Independent marketers such as NIPCO, AA Rano, and Ranoil have also lowered their retail prices, selling petrol between N1,205 and N1,240 per litre at selected outlets. This aggressive pricing strategy is reshaping the downstream petroleum market.
Depot Prices Hit Lowest Since March
Wholesale prices at petroleum depots have fallen sharply. Data from PetroleumPriceNG shows Pinnacle selling petrol at N1,075 per litre, Emadeb at N1,077 per litre, and FyneField and Soroman at N1,095 per litre. These reductions are expected to encourage further pump price cuts across Nigeria.
Analysts Attribute Drop to Crude Oil Decline
Industry experts link the price reductions to falling international crude oil prices. Brent crude traded around $72 per barrel, while West Texas Intermediate (WTI) hovered near $68 per barrel at the time of reporting. "Crude oil prices have fallen to their lowest since March. This is the reason marketers are adjusting to the current reality fast," said Adeola Yusuf, an energy policy analyst, in an interview with Legit.ng.
Consumers May See Further Relief
The sustained decline in petrol prices is expected to lower transportation costs and ease inflationary pressures. Analysts predict additional reductions if crude oil prices remain low and competition among refiners and marketers persists. MRS filling stations have also cut prices, selling petrol at N1,191 per litre in Abuja, down from N1,241 per litre, reflecting the broader trend.
