The pump price of Premium Motor Spirit, PMS, also referred to as gasoline, has been lowered to N860 per litre by the Nigerian National Petroleum Company Limited, or NNPCL.

This is the most recent development in a price battle between independent petroleum dealers and oil marketers.

Changes in the price of crude oil around the world also have an impact on it.

The previous average of N920 per litre has been significantly reduced by the new NNPCL price, which goes into effect on Monday.

The ex-depot price of gasoline was lowered by Dangote Petroleum Refinery last week from N890 per liter to N825, which was the second price reduction in February.

NNPCL announced three partner off-takers in Lagos in a public notification regarding the price reduction: MRS at N860 per litre, AP at N865 per litre, and Heyden at N865 per litre.