The Nigerian National Petroleum Company Limited (NNPCL) has confirmed a downward review of petrol pump prices, with Premium Motor Spirit (PMS) now selling at N860 per litre and asked Nigerians to anticipate more reductions in coming weeks.

The adjustment reflects the recent appreciation of the naira against the dollar and ongoing market dynamics.

NNPCL spokesperson Femi Soneye told Peoples Gazette on Thursday evening, noting that the corporation has “consistently adjusted prices downward in most areas in response to market dynamics.”

Mr Soneye explained that the NNPCL refrained from issuing press statements to announce any slight change in pricing, given its role as an energy company where pricing fluctuations are a routine part of operations.

“Price adjustments at the pump are a regular part of this process, reflecting the influence of market forces,” the NNPCL spokesperson.

He further said that the constant price review was part of the approach that the energy corporation was adopting to guarantee energy security and ensure the sector remained competitive for prospective companies and investors.

The nation’s energy sector was upended at the beginning of President Bola Tinubu’s presidency in May 2023 when he announced the removal of fuel subsidies.

Petrol that previously sold for N145 jumped to N550 and later exceeded N1,000, resulting in exorbitant transportation fares with many organisations reducing on-site work days for employees.

Seeing the hardship caused by his energy policy, Mr Tinubu introduced Compressed Natural Gas (CNG) vehicles and engines as a cost-effective alternative to petrol but majority of Nigerians remain skeptical about converting their vehicles to CNG-powered engines.  

But the commencement of operations at Dangote Refinery in 2024 Q4 appeared to soften the fuel subsidy blow when the local oil plant announced that petrol will be sold to marketers below N1000 per litre during the Christmas and New Year holidays. 

But it seems that the gains the local currency made on the global market — from N1,700 to N1,500 to one dollar —have significantly influenced the reduction of fuel prices across the nation.