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The Nigerian National Petroleum Company Limited (NNPCL) has reduced the price of Premium Motor Spirit (PMS) to N935 per litre in Abuja, down from N950. This move follows a similar price cut by Dangote Refinery, now selling at N835 per litre.

HIGHLIGHTS
  • NNPCL's new price of N935/litre is effective across its Abuja retail outlets.
  • Dangote Refinery's price drop to N835/litre has intensified market competition.
  • Some MRS stations in Abuja have ceased operations since April 16, possibly due to the price changes.
  • The price adjustments reflect ongoing deregulation and increased competition in Nigeria's fuel sector.
These price reductions are a direct response to increased competition in Nigeria's fuel market. With Dangote Refinery's lower prices influencing the market, NNPCL's adjustment aims to remain competitive. However, the closure of some MRS stations raises concerns about the impact on smaller retailers and the potential for supply disruptions. Consumers may benefit from lower prices, but the long-term effects on market dynamics remain to be seen.=

As fuel prices continue to fluctuate, consumers are advised to stay informed about the latest price changes. Will this trend lead to more affordable fuel across Nigeria, or are there challenges ahead? Share your thoughts and experiences with us.