The Nigerian National Petroleum Company Limited (NNPC Ltd.) has reduced the pump price of Premium Motor Spirit (PMS), also known as petrol, to N815 per litre, as competition intensifies in Nigeria’s downstream petroleum sector.

The price reduction, which took effect across several NNPC retail outlets nationwide, follows similar adjustments by some independent and major oil marketers, amid increased fuel supply and evolving market dynamics.

Findings by the Sources on Monday revealed that the new price represents a drop from the previous average of about N850 per litre, though variations still exist depending on location, transportation costs and operational expenses.

NNPC Ltd. confirmed the adjustment in a statement, noting that the decision was influenced by prevailing market realities and its commitment to ensuring energy affordability for Nigerians.

According to the company, the deregulated market framework allows prices to respond to supply and demand forces, adding that recent improvements in local refining capacity and import optimisation have contributed to the downward review.

Industry analysts say the growing presence of private refiners, including output from the Dangote Petroleum Refinery and modular refineries, has intensified competition, forcing marketers to reconsider pricing strategies to retain market share.

An energy expert, Mr. Ibrahim Musa, told NAN that the development was a positive signal for consumers.

“With more players in the market and reduced dependence on imports, we are beginning to see competitive pricing. If supply remains stable, further reductions are possible,” he said.

Motorists in Abuja, Lagos and Port Harcourt who spoke with our correspondent welcomed the price cut, describing it as a relief amid rising living costs, though some urged the government and marketers to ensure uniform implementation nationwide.

However, petroleum marketers cautioned that sustained price stability would depend on factors such as crude oil prices, exchange rate movements, logistics costs and policy consistency.

NNPC Ltd. reiterated its assurance of adequate fuel supply across the country, urging Nigerians to avoid panic buying, while restating its role as a key stabiliser in the nation’s energy market.

The petrol price reduction comes amid ongoing reforms in Nigeria’s oil and gas sector aimed at enhancing transparency, encouraging private investment and protecting consumers under a fully deregulated regime.