The price of Premium Motor Spirit (PMS), otherwise known as petrol, continues its free fall in Nigeria after six depots slashed the price to heighten competition in the downstream sector of the Nigerian Petroleum industry.

Incoming reports indicate that Hyde, Pinnacle, Aiteo Emadeb, First Royal, and MENJ have reduced their prices to match the ongoing petition for customers.

Already, Aiteo, Pinnacle, MENJ, and Hyde have reduced PMS prices, with MENJ slashing the price from N827 to N826 per litre while Aiteo dropped its price from N826 to N825 per litre, Pinnacle now sells at N850 from N856 per litre, while Hyde reduced its price from N869 to N868 from per litre.

Also, Emadeb reduced its depot price to N827 per litre from N903 per litre, while First Royal slashed its price to N826 per litre from N828 per litre.

Expectedly, the price of petrol has been projected to experience a massive drop in the coming weeks as the prices of crude oil remain relatively low at $65 per barrel in the global market.

Recall that Dangote Petroleum Refinery & Petrochemicals said it has consistently reduced the price of petrol despite the fluctuations in global crude oil prices.

The company said the decision to maintain price stability reflects its unwavering commitment to supporting the Nigerian economy and alleviating the burden on consumers from the increase in fuel prices by maintaining price stability.