The Nigerian National Petroleum Company Limited (NNPCL) has reduced the pump price of Premium Motor Spirit (PMS), also known as petrol, at its retail outlets in Abuja, bringing slight relief to motorists amid recent price volatility.
On Saturday, NNPCL stations across key locations in the Federal Capital Territory including Zone 6, Kubwa Expressway, and Wuse Zone 4 adjusted their pump prices downward to N910 per litre, from the previous N945 per litre.
The N30 per litre reduction follows closely on the heels of a similar move by Dangote Refinery, which earlier this week cut its ex-depot price of petrol to N840 per litre from N880, in response to a recent dip in global crude oil prices.
Independent marketers have also begun to reflect the changes at their own pumps. Members of the Independent Petroleum Marketers Association of Nigeria (IPMAN) announced a price adjustment across Abuja and Lagos. In the capital, prices now range between N930 and N940 per litre, down from N945 to N975. In Lagos, some outlets have dropped petrol prices to N890 per litre, from a previous high of N925.
The price changes are seen as part of a broader market reaction to shifting global oil benchmarks and efforts to stabilise fuel prices in the domestic market.
