The Nigerian National Petroleum Company Limited (NNPCL) has announced another reduction in the pump price of Premium Motor Spirit (PMS), marking its second price adjustment within a period of less than two weeks.
A market survey conducted by ZINGTIE on Sunday confirmed that the state-owned oil company has lowered the retail price of petrol to N1,150 per litre, down from the previous N1,210 per litre.
The latest adjustment represents a N60 reduction in the pump price of the product.
With this development, NNPCL has now slashed the cost of petrol by a cumulative N110 per litre between June 27 and July 5, 2026.
The new price review comes just three days after the Dangote Refinery announced its fourth downward adjustment of its gantry price, reducing it to N1,075 per litre.
Other marketers, including NIPCO, AA Rano, and Ranoil, have also adjusted their retail prices, with petrol now selling between N1,205 and N1,240 per litre at their outlets.
The continued decline in both wholesale and retail fuel prices coincides with the drop in global crude oil prices, as Brent crude traded at $72 per barrel, while West Texas Intermediate (WTI) stood at $68 per barrel at the time this report was filed.
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