The Nigerian National Petroleum Company (NNPC) Limited has reduced the pump price of premium motor spirit (PMS), also known as petrol, across its retail outlets in Lagos and Abuja.
A survey on Thursday showed that the price of petrol has dropped to N900 per litre in Lagos and N940 per litre in Abuja.
The latest adjustment reflects a N10 reduction in Lagos from the previous price of N910 per litre, and a N5 reduction in Abuja from N945 per litre.
The price cut comes three weeks after Dangote Petroleum Refinery reduced its ex-gantry petrol price to N828 per litre, a move that has continued to influence market pricing nationwide.
Earlier, on November 13, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) announced that the proposed 15 percent ad-valorem duty on imported petrol and diesel would no longer be implemented.by
“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,” NMDPRA said.
President Bola Tinubu had initially approved the duty on October 21 before the reversal was confirmed by regulators. (Vanguard)
NEWS EXPRESS is Nigeria’s leading online newspaper. Published by Africa’s international award-winning journalist, Mr. Isaac Umunna, NEWS EXPRESS is Nigeria’s first truly professional online daily newspaper. It is published from Lagos, Nigeria’s economic and media hub, and has a provision for occasional special print editions. Thanks to our vast network of sources and dedicated team of professional journalists and contributors spread across Nigeria and overseas, NEWS EXPRESS has become synonymous with newsbreaks and exclusive stories from around the world.
