The Nigerian National Petroleum Company Limited (NNPCL) has reduced the pump price of Premium Motor Spirit (PMS), popularly known as petrol, by ₦75 per litre across its retail outlets in Abuja.
A market survey conducted on Tuesday showed that NNPCL stations in the Federal Capital Territory have adjusted their pump price from ₦1,335 per litre to ₦1,260 per litre.
The new price has already taken effect at several NNPCL retail outlets, including stations along the Kubwa Expressway, Wuse Zone 6 (Berger), and Zone 4 in Abuja.
The latest reduction comes seven days after Dangote Refinery announced a cut in its petrol gantry price to ₦1,175 per litre on June 16, a move that triggered a downward adjustment in fuel prices across parts of the country.
Industry observers attribute the recent price reductions to the decline in global crude oil prices and increased competition within Nigeria’s downstream petroleum sector.
Following Dangote Refinery’s price adjustment, several independent marketers and retail outlets also reviewed their pump prices downward.
Reports indicate that filling stations operated by MRS and other marketers have been selling petrol between ₦1,241 and ₦1,300 per litre in Abuja and other locations.
The reduction by NNPCL is expected to provide some relief to motorists, transport operators, businesses and households already grappling with high transportation and energy costs.
The development also signals a continuing shift in Nigeria’s fuel market, where pricing is increasingly influenced by market forces, refinery output and international crude oil trends.
Many consumers have welcomed the reduction, although they continue to call for further decreases in fuel prices to reflect the falling cost of crude oil and improve economic conditions across the country.
