As the festive season approaches, Nigerians are experiencing a modest relief at the pump with a reduction in the price of Premium Motor Spirit (PMS), commonly known as petrol.
A survey by Naija News shows that the price adjustment comes amid fluctuating global oil prices and exchange rates, offering consumers a slight reprieve ahead of Christmas celebrations.
Leading the price reduction are three major players in the petroleum distribution market: the Nigerian National Petroleum Company (NNPC) Limited, NIPCO, and BOVAS. The three companies have adjusted their prices as follows:
– NNPC Limited is selling petrol at ₦1,040 per litre.
– NIPCO has also pegged its price at ₦1,040 per litre.
– BOVAS, renowned for its customer-friendly pricing, has gone slightly lower, offering petrol at ₦1,030 per litre.
This reduction marks a significant shift, as petrol prices have remained a contentious issue in Nigeria. They are often linked to global oil market trends, foreign exchange rates, and supply chain dynamics.
The drop in petrol prices has been attributed to a combination of factors, including adjustments in global crude oil prices, improved logistics, and competitive pricing strategies by marketers.
Recently, the international crude oil benchmark, Brent Crude, has experienced slight declines, easing the landing cost of refined products in Nigeria.
Additionally, the NNPC’s strategic involvement in managing fuel supply and pricing, coupled with the competition from private marketers like NIPCO and BOVAS, has contributed to the downward trend.
The timing of this price cut is significant as it aligns with increased travel activities during Christmas and New Year celebrations, reducing the financial burden on consumers.
However, some filling stations sell their product between ₦1,060 to ₦1,080.
