NNPCL Slashes Petrol Price to N895 per Litre as Fuel Marketers Follow Suit in Abuja

In a welcome relief for motorists and businesses, the Nigerian National Petroleum Company Limited (NNPCL) has reduced the pump price of premium motor spirit (PMS), commonly known as petrol, at its retail stations across the Federal Capital Territory.

A check by reporters on Tuesday revealed that NNPCL filling stations in major parts of Abuja  including Kubwa Expressway, Wuse Zone 4, and Wuse Zone 6 (Berger) have adjusted their pump prices to N895 per litre, down from the previous N910. The N15 reduction signals a broader trend in price adjustments across retail fuel outlets in the city.

Following NNPCL’s lead, MRS, a retail partner of Dangote Refinery, also cut its pump price to N885 per litre, reflecting a N25 drop from N910. The move is believed to be influenced by recent ex-depot price reductions by Dangote Refinery, which has now adjusted its rate twice in July.

Other private filling stations in the city, including Ranoil and Empire Energy, also joined in the downward review, reducing their pump prices to N910 and N915 per litre respectively — a slight drop from their earlier prices of N920 and N935.

The price adjustment comes on the heels of recent reports that petroleum product marketers planned to reduce petrol prices in Abuja to between N900 and N920 per litre, driven largely by improvements in domestic supply and refining capacity.

Though still considerably higher than pre-subsidy removal prices, the slight drop brings a glimmer of hope to Nigerians grappling with the high cost of transportation and living.

This move, led by NNPCL and supported by major players like MRS and Ranoil, may signal the beginning of market-driven stability in petrol pricing, particularly as local refineries like Dangote’s begin to ramp up operations.

However, stakeholders are urging continued monitoring and transparency in pricing to ensure that consumers benefit fully from any reductions in ex-depot or landing costs.

Source: Daily Post