The Nigerian National Petroleum Company Limited, NNPCL, has officially reduced the pump price of premium motor spirit, also known as petrol, to ₦895 per litre, down from ₦910, marking a ₦15 reduction across its retail outlets.
The price change was observed at multiple NNPCL stations in Abuja, including locations along Kubwa Expressway, Central Business District, and Wuse Zone 4, where DAILY POST correspondents conducted on-the-ground checks on Saturday.
Motorists welcomed the development, calling it a step toward more competitive pricing in Nigeria’s increasingly deregulated downstream oil sector. Speaking with DAILY POST, Muhammad Ibrahim, a driver in the FCT, said the price drop had been anticipated.
“It is long expected because other filling stations have reduced their petrol prices,” Ibrahim remarked, adding that the NNPCL’s response could help ease the burden on ordinary Nigerians.
The reduction by NNPCL follows a similar move by Dangote Refinery, which earlier in the week slashed its fuel prices to ₦875 in Lagos and ₦895 in Abuja. This marked one of the first price adjustments from the privately owned refinery since it began full-scale commercial supply of refined products to local marketers.
In response to these changes, Chinedu Ukadike, the spokesperson for the Independent Petroleum Marketers Association of Nigeria, said that competition in the retail market has intensified. According to him, the liberalisation of the downstream sector has created an environment where both public and private operators must offer fairer prices to remain viable.
“Marketers are now competing favourably with NNPCL. The entry of Dangote Refinery into local fuel supply is helping drive this competitive pricing,” Ukadike said.
READ ALSO: Tinubu tasks NNPCL board on economic revival
He also cautioned that despite these developments, the NNPCL still wields significant influence and is perceived by some in the sector to be fostering a quasi-monopoly, particularly in light of stalled efforts to rehabilitate government-owned refineries in Port Harcourt, Warri, and Kaduna.
Meanwhile, industry watchers say that Nigerians could see even more price fluctuations in the coming months, as market forces, exchange rates, and global crude prices continue to influence the retail cost of PMS in Nigeria.
The price of petrol has become a politically sensitive issue since the federal government removed subsidies in 2023. Since then, prices have fluctuated between ₦600 and ₦950 per litre, with steep costs triggering inflationary pressure and public discontent.
NNPCL’s latest price adjustment is seen by many as both a business strategy and a public relations move aimed at reassuring Nigerians of its commitment to affordability in the face of rising economic challenges.
There has been no official statement yet from the Ministry of Petroleum Resources or NNPCL headquarters regarding whether the new pricing would be maintained for the long term.
As of press time, fuel queues at NNPCL and independent stations remained minimal, with supply reported to be stable across major cities.
DailyPost
