The Nigerian National Petroleum Company Limited (NNPCL) has reduced the pump price of Premium Motor Spirit (petrol) to ₦910 per litre at its retail outlets.
This marks a ₦25 decrease from the previous price of ₦935 per litre, as observed at NNPCL stations in Abuja, including locations along the Kubwa Expressway, Zone 4, and Gudu.
This price adjustment is part of an ongoing competitive dynamic in Nigeria’s downstream petroleum sector. The Dangote Refinery recently lowered its ex-depot petrol price to ₦835 per litre, prompting its partner marketers—such as MRS, AP (Ardova), Heyden, Optima Energy, Hyde, and Techno Oil—to adjust their pump prices to between ₦890 and ₦920 per litre, depending on the region.
The resulting price competition has led to a wider range of petrol prices across the country, with some independent filling stations selling between ₦930 and ₦950 per litre, while others have aligned with the lower pricing trend.
For Nigerian consumers, these reductions offer some relief from high fuel costs, especially in the wake of the 2023 fuel subsidy removal. However, experts caution that the sustainability of these price cuts will depend on factors such as global crude oil prices, exchange rates, and domestic refining capacity.
