The Nigerian National Petroleum Company Limited, NNPCL, has lowered the pump price of Premium Motor Spirit, or PMS, popularly known as petrol to N860 per litre.
This follows a price war between independent fuel retailers and oil marketers.
It is also determined by movement in global crude oil prices.
The new NNPCL price that took effect on Monday is a significant cut compared to the previous average of N920 per liter.
Dangote Petroleum Refinery lowered ex-depot fuel price to N825 from N890, a second February decrease.
In a public notice on the price reduction, NNPCL announced three partner off-takers in Lagos: MRS at N860 per litre, AP at N865 per litre, and Heyden at N865 per litre.
