This development is the latest in a price war among oil marketers and independent petroleum dealers.
The Nigerian National Petroleum Company Limited, NNPCL has reduced its price of petrol.
NNPCL announced it has reduced the pump price of Premium Motor Spirit, PMS, commonly known as petrol, to N860 per litre.
This development is the latest in a price war among oil marketers and independent petroleum dealers.
It is also influenced by fluctuations in global crude oil prices.
The new NNPCL price, which takes effect on Monday, marks a significant drop from the previous average of N920 per litre.
Last week, Dangote Petroleum Refinery reduced the ex-depot price of petrol from N890 per litre to N825, marking its second price cut in February.
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.