The Nigerian National Petroleum Company Limited (NNPCL) has reduced the pump price of Premium Motor Spirit (PMS), popularly known as petrol, for the second time in four days, cutting the price by ₦50 per litre.
A market survey conducted on Saturday showed that NNPCL retail outlets around Airport Junction and Wuse Zone 6 (Berger) in Abuja now dispense petrol at ₦1,210 per litre, down from ₦1,260 per litre.
The latest reduction comes just two days after Dangote Refinery lowered its ex-depot (gantry) price by ₦50, bringing it down to ₦1,125 per litre. It also follows NNPCL’s earlier adjustment four days ago, when the company reduced its pump price by ₦75 per litre to ₦1,260.
With the new adjustment, petrol prices across Abuja and surrounding areas now range between ₦1,210 and ₦1,305 per litre, depending on the filling station.
The downward review in fuel prices comes amid a decline in global crude oil prices, with West Texas Intermediate (WTI) trading at around $69 per barrel and Brent crude at approximately $71 per barrel, following the easing of tensions in the Middle East.
Despite the sustained drop in international crude oil prices, President Bola Tinubu has yet to publicly respond to growing calls from Nigerians for a more significant reduction in domestic fuel prices.
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