July, 2025 — The Nigerian National Petroleum Company Limited (NNPCL) has announced a downward review of the pump price of Premium Motor Spirit (PMS), popularly known as petrol, from ₦945 to ₦910 per litre.
The price adjustment, which took effect on Friday, comes amid ongoing efforts by the Federal Government to cushion the impact of fuel costs on Nigerians and stabilise the energy sector. The reduction was confirmed by sources within the company, with some retail outlets already implementing the new rate across major cities.
NNPCL attributed the price cut to recent improvements in international crude oil supply dynamics and refined product logistics, alongside strategic interventions in domestic distribution efficiency.
Industry stakeholders have welcomed the development, noting that while it offers marginal relief, broader reforms in the downstream sector — such as local refining capacity and competitive pricing — are still urgently needed.
Consumers, however, remain cautiously optimistic, calling for further transparency in pricing mechanisms and more sustainable policies that would ensure long-term affordability.
The new rate is expected to influence market prices nationwide, pending any further deregulation directives from the Federal Government.
