NNPCL Slashes Petrol Price by ₦25 as Abuja Pump Prices Drop to ₦1,370

NNPCL Slashes Petrol Price by ₦25 as Abuja Pump Prices Drop to ₦1,370

ABUJA — The Nigerian National Petroleum Company Limited (NNPCL) has cut the pump price of Premium Motor Spirit (PMS), popularly known as petrol, by ₦25 per litre in parts of Abuja and its environs.

A market survey conducted Wednesday morning showed that NNPCL filling stations in selected locations had adjusted their pump price downward from ₦1,395 to ₦1,370 per litre, signalling a fresh reduction in the cost of petrol at the state-owned oil company's outlets.

The latest adjustment represents a ₦25 reduction per litre, although the new price was observed at selected NNPCL outlets rather than across all filling stations in the Federal Capital Territory.

The reduced price was seen at NNPCL outlets in Wuse Zone 6, Wuse Zone 4 and Air Junction, among other locations covered by the survey.

The development comes amid continuing movements in domestic petrol prices as marketers respond to changes in supply conditions, crude oil market dynamics and competition within Nigeria's deregulated downstream petroleum sector.

For motorists, the latest NNPCL adjustment could provide some relief, particularly if other major retailers follow suit and reduce their pump prices.

However, the extent to which the reduction will translate into broader and sustained price cuts across Abuja and other parts of the country remains to be seen.

The Analyst will continue to monitor developments in the downstream petroleum market and report further changes in petrol prices.