The Nigerian National Petroleum Company Limited has announced a reduction in the price of the Premium Motor Spirit popularly known as Petrol to N860 across its outlets in Lagos.
The decision comes a few days after the announcement by the Dangote Refinery and Petrochemicals company reducing its ex-depot price to N825.
The announcement by the Dangote Refinery has led to a reduction in outlest who get their supplies from the refinery also influencing market trends.
Checks in Lagos shows that NNPCL Retail outlets have changed their price to reflect the adjustment.
The trend according to Economist Bismark Rewane will continue until at least June when a bit of stabilisation will come into the Oil and Global Economy.
He added that whatever develops after June will depend on happenings in major markets across the World.
He however said the trend will benefit the consumers more.
