The Nigerian National Petroleum Company Limited (NNPC) has announced a reduction in the pump price of Premium Motor Spirit (PMS), commonly known as petrol, to N860 per litre.

This decision comes amid an intensifying price war among major marketers and independent petroleum dealers, as well as fluctuations in global crude oil prices.

The new price, which took effect on Monday, marks a significant drop from the previous average of N920 per litre, offering relief to millions of Nigerians grappling with the high cost of living.

The reduction by NNPC, the country’s largest fuel supplier, has sparked a wave of competitive pricing among private marketers.

Dangote Petroleum Refinery and Petrochemicals Limited had last week reduced the ex-depot price of petrol from N890 per litre to N825.The reduction marks the second price cut in February.

Dangote, in a public notice on the price slash, announced three filling stations in Lagos, which included MRS: N860 per litre, AP: N865 per litre, and Heyden: N865 per litre, as its partner off-takers.

While the price reduction has been welcomed by many, some Nigerians remain skeptical, questioning whether the drop is sustainable.

“This is good news, but we hope it’s not just a temporary move to calm the public,” said Adeola Ogunleye, a commercial bus driver in Lagos. “Fuel prices have been too high for too long, and we need lasting solutions.” (BusinessDay: Text, Excluding Headline)