The Nigerian National Petroleum Company (NNPC) Limited has reduced the price of premium motor spirit (PMS), also known as petrol, across its retail outlets in Lagos and Abuja.
TheCable observed on Thursday that petrol price dropped to N900 per litre in Lagos and N940 per litre in Abuja.
The national oil company reduced the price of the product by N10 and N5, from the previous prices of N910 per litre in Lagos and N945 in Abuja, respectively.
In Lagos, the company dropped the price of the product to N910 per litre at its Apple Junction branch, Ago Palace Way.
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Similarly, in Abuja, the petrol price was reduced to N940 per litre at Lugbe airport road.
The development comes three weeks after the Dangote Petroleum Refinery slashed its ex-gantry petrol price to N828 per litre.
On November 13, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) said the implementation of the 15 percent ad-valorem duty on imported petroleum products is no longer in view.
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“It should also be noted that the implementation of the 15% ad-valorem import duty on imported Premium Motor Spirit and Diesel is no longer in view,” the authority said.
President Bola Tinubu had approved the 15 percent import duty on petrol and diesel on October 21.
