For the second time in a week, the Nigerian National Petroleum Company Limited (NNPCL) has adjusted the pump price of Premium Motor Spirit (PMS), also known as petrol, downward.

Checks by Daily Post correspondents in Abuja on Wednesday revealed that NNPCL’s retail outlets have reduced the price from N895 to N890 per litre, reflecting a ₦5 per litre cut.

Retail stations along major routes including Kubwa Expressway, Gwarimpa, and Wuse Zone 4 have all adjusted their pumps to reflect the new pricing.

This latest development follows closely on the heels of a previous price reduction by the state-owned oil company, signaling a potential shift in its pricing strategy amid ongoing market fluctuations.

Meanwhile, retail partners of Dangote Refinery such as AP Ardova, Optima, MRS, and Bovas are currently dispensing petrol at ₦885 per litre, slightly undercutting the NNPCL retail price.

Speaking on the ongoing adjustments, National President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Abubakar Maigandi, explained that fuel prices will continue to fluctuate due to the deregulation of the downstream oil sector.

 “Now that the sector is deregulated, prices will keep moving, up or down, depending on supply dynamics, forex, and refinery output,” Maigandi said.

The deregulation policy, introduced to eliminate subsidies and encourage competitive pricing, has led to a more volatile but open petroleum market in Nigeria.