supply stabilization
The Nigerian National Petroleum Company (NNPC) Limited has reduced the pump price of premium motor spirit (PMS), commonly known as petrol, at its retail outlets in Lagos and Abuja.
A market survey on Thursday revealed that petrol prices have dropped to N900 per litre in Lagos and N940 per litre in Abuja, reflecting a N10 reduction in Lagos from the previous N910 per litre and a N5 drop in Abuja from N945 per litre.
The price adjustment follows a recent move by Dangote Petroleum Refinery, which lowered its ex-gantry petrol price to N828 per litre about three weeks ago, influencing fuel pricing trends nationwide.
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In addition, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) announced that the previously proposed 15 percent ad-valorem duty on imported petrol and diesel would no longer be implemented. The reversal came after President Bola Tinubu initially approved the duty on October 21.
NMDPRA stated: “It should also be noted that the implementation of the 15% ad-valorem import duty on imported Premium Motor Spirit and Diesel is no longer in view.”
The combined effect of the NNPC price reduction and the regulatory decision is expected to ease fuel costs for commuters and transport operators in Nigeria’s major cities.
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