The Nigerian National Petroleum Company Limited (NNPC) has reduced its pump price of Premium Motor Spirit (PMS), also known as petrol, from N945 to N860 per liter.

This adjustment comes a few days after the Dangote Petroleum Refinery lowered its ex-depot price, influencing market trends.

As of the time of filing this report, there is no official statement from NNPC yet on the reduction. However, the national Vice President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Hammed Fashola, confirmed the reduction, noting that it’s a welcome development and relief to Nigerians.