The Nigerian National Petroleum Company Limited (NNPCL) has reduced the pump price of premium motor spirit (PMS) to ₦890 per litre, marking the second price cut within a week and a ₦5 decrease from the previous ₦895 rate.
Simultaneously, filling stations operated by Dangote Refinery’s retail partners AP Ardova, Optima, MRS, and Bovas are offering petrol at a slightly lower price of ₦885 per litre.
The downward trend in PMS prices coincides with renewed calls for harmonised fuel standards and pricing structures across West Africa. At the closing session of the West African Refined Fuel Conference held in Abuja, the Chief Executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Farouk Ahmed, stressed the importance of regional fuel harmonisation.
“There are a lot of activities that will follow this including employment, economic empowerment, and economic independence for both Africa and West Africa, particularly Nigeria,” Ahmed said, noting that standardising fuel specifications would help curb the influx of substandard imports, stimulate local refining, and enhance regional trade and shipping.
Minister of Budget and National Planning, Senator Abubakar Atiku Bagudu, also addressed the conference, stating that Nigeria’s ambition of achieving double-digit GDP growth is closely tied to increased refining capacity. He urged both local and foreign investors to commit capital to the nation’s oil and gas sector as part of the broader economic transformation agenda.
As pump prices ease and regulatory voices call for unified market standards, Nigeria appears poised to strengthen its regional energy leadership and advance domestic economic reforms.
