CITIZENS COMPASS— The Nigerian National Petroleum Company Limited (NNPCL) has announced a new pump price of Premium Motor Spirit(PMS).
While the pump price in Lagos reduced from N1,210 to N1,125 per litre, the pump price was reduced from N1,260 to N1,170 per litre at NNPC stations.
This came barely a week after the company slashed petrol prices from N1,165 per litre to N1,150 per litre in Lagos and Abuja and some other locations have adjusted to N1,170.
Many independent and major marketers have reduced their pump prices due to a decrease in ex-depot prices and intensifying competition.
The changes followed as marketers buy petrol at depots at a lower price than last week.
For example, Integrated, Ascon, Sahara, Bono, and African Terminal supplied petrol at N1,120 per litre while Pinnacle and Techno Oil supplied petrol at N1,121 per litre, which makes it easy for retailers to lower their pump price.
The latest adjustment would increase competitive pressure on the oil marketers, and will further drive competition among them to woo customers and retain market share.
The federal government has also urged marketers to bring down domestic pump price whenever prices crash due to global oil price decline.
