Nigerian National Petroleum Company Limited (NNPCL) retail outlets have cut the price of Premium Motor Spirit (PMS), commonly known as petrol pump price.
Sources discovered that NNPCL stations in Abuja and surrounding areas have reduced their petrol pump price to ₦1,299 per litre, down from ₦1,335 per litre.
This means that NNPCL stations have decreased petrol prices by ₦36 per litre.
According to sources, NNPCL stations in Lugbe, Kubwa Expressway, Wuse Zone 3, and surrounding areas have implemented the new fuel price.
This reduction comes two days after Dangote Refinery-backed MRS filling stations cut petrol prices by ₦40 to ₦1,265 per litre.
The action by MRS filling stations put pressure on other Nigerian filling stations—which sell petrol for between ₦1,300 and ₦1,310 per litre—to lower their pricing.
Read Also: NNPCL Fuel Hike-Petrol Price Rises by ₦115 Per Litre
Backstory…
The latest reduction in petrol pump price follows weeks of frequent adjustments in petrol prices, with motorists witnessing a steady cycle of increases and decreases at filling stations across the country.
Since the beginning of July, retail prices have been revised several times by the Nigerian National Petroleum Company Limited (NNPCL) and other major marketers, reflecting changing market conditions and intensifying competition in the downstream sector. The repeated price movements have created uncertainty among consumers, many of whom have struggled to keep pace with the fluctuating cost of fuel.
The back-and-forth adjustments have been driven by a combination of factors, including changes in crude oil prices, exchange rate fluctuations, supply costs and competition among marketers.
Industry stakeholders say the deregulated market now allows retailers to review prices more frequently in response to prevailing economic conditions, resulting in both upward and downward movements within short periods. While motorists have welcomed the latest reduction, analysts say further adjustments remain likely as market forces continue to shape petrol pricing in Nigeria.
