The Nigerian National Petroleum Company (NNPC) Limited has reduced the pump price of premium motor spirit (PMS), better known as petrol, to N865 in Lagos.
The company also slashes the price of the commodity to N895 in the Federal Capital Territory (FCT), Abuja.
Checks on Wednesday at NNPC retail outlets showed that the company sold the product for N895 per litre in Abuja — a N15 drop from the previous price of N910 per litre.
For instance, the price of the product dropped to N895 at the NNPC retail outlet in Kubwa, Abuja.
Likewise, NNPC retail outlets in Lagos also slashed the price of the product to N865 per litre — a N20 reduction from the old price of N885 per litre.
At its retail outlets along Igando road, the NNPC reduced the petrol price to N865 per litre.
The development comes amid growing downstream competition between the NNPC and Dangote Petroleum Refinery.
It would be recalled that the refinery had on July 8, reduced its ex-depot price of petrol to N820 per litre — a week after it slashed the price to N840 per litre.
The Federal Government had scheduled July 23 and 24 for a national stakeholder forum to address concerns over petrol pricing and supply challenges in the downstream sector.
Speaking on the coming stakeholders forum, the Executive Director of Hydrocarbon Processing Plants, Installation and Transportation Tnfrastructure at the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Francis Ogaree, said stakeholders will deliberate on pricing standards, feedstock availability, and stability of the deregulated petroleum market
