The Nigerian National Petroleum Company Limited (NNPCL) has adjusted the pump price of Premium Motor Spirit (PMS), better known as petrol, to N860 per litre.
The adjustment took effect from Monday, March 3.
Recall that Dangote Petroleum Refinery reduced the ex-depot price of petrol from N890 per litre to N825, marking its second price cut in February.
For years, petrol pricing was largely dictated by government regulations, with subsidies playing a central role in stabilising pump prices.
However, the removal of subsidies in 2023 and the subsequent deregulation of the downstream petroleum sector have ushered in a new era of market-driven competition.
This competition has sparked an aggressive price war among marketers seeking to capture the market share in an environment where consumers are highly sensitive to price fluctuations.