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The Nigerian National Petroleum Company Limited (NNPCL) has reduced the pump price of premium motor spirit (petrol) at its retail outlets in Abuja to N910 per litre, down from N945. This N30 price drop comes barely four days after Dangote Refinery slashed its petrol ex-depot price to N840 per litre from N880, following a decline in global crude oil prices.
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The new price adjustment was observed on Saturday at several NNPCL filling stations located in areas such as Zone 6, Kubwa Expressway, and Wuse Zone 4. Members of the Independent Petroleum Marketers Association of Nigeria (IPMAN) also adjusted their pump prices. In Abuja, petrol is now selling between N930 and N940 per litre, down from the earlier N945 to N975 range. Lagos residents are also seeing relief, as pump prices fell to N890 per litre from N925
The price reduction is attributed to the recent drop in global crude oil prices. The development is seen as a significant move to cushion the effects of rising living costs. The recent adjustments reflect market sensitivity to international oil price fluctuations and a competitive push to retain customer loyalty in the face of economic pressure
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Jonathan Nwokpor
