NNPCL slashes Petrol Price to N900 per Litre amid Market Volatility

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The Nigerian National Petroleum Company Limited (NNPCL) has reduced the price of Premium Motor Spirit (petrol) at its retail stations to N900 per litre, down from N955 per litre, just 48 hours after increasing the pump price. The N55 price reduction comes amid fluctuating ex-depot prices and market volatility.

Findings revealed that NNPCL outlets in Abuja, including those on the Kubwa motorway, had already adjusted their prices in line with the new directive. “On Tuesday, we sold fuel at N955 per litre, but it is now N900,” an attendant at an NNPC outlet in Kubwa said.

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Some independent marketers have also reviewed their prices, with Ranoil and Empire Energy stations in Gwarinpa dispensing petrol at N955 and N950 per litre, respectively. However, some stations, such as an MRS filling station in Abuja, maintained their rates, selling at ₦885 per litre.

The recent price adjustments are attributed to changes in ex-depot rates at the Dangote Refinery and other private depots. According to (link unavailable), some petroleum depots have recorded marginal reductions in Premium Motor Spirit prices, with traders attributing the slight changes to ongoing market adjustments.

The latest market data showed that the Zone 4 and Mainland depots adjusted their ex-depot prices downward by N2 per litre, bringing their current rates to N860 and N862 per litre, respectively. Other major depots maintained stable prices around ₦860 to ₦861 per litre.

The price volatility in the downstream market has raised concerns among stakeholders, who are calling for regulatory agencies to intensify market monitoring and ensure fairness across the value chain.

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