The Nigerian National Petroleum Company Limited (NNPCL) has reduced the pump price of Premium Motor Spirit (PMS), commonly known as petrol, to N910 per litre at its retail stations in Abuja, marking a significant shift from the previous price of N945.
The price adjustment was observed on Saturday at several NNPCL stations across the Federal Capital Territory, including those located along Zone 6, Kubwa Expressway, and Wuse Zone 4.
The N30 reduction signals a modest relief for motorists amid persistent concerns over fuel affordability and supply.
This development follows closely on the heels of a similar move by the Dangote Refinery, which earlier in the week slashed its ex-depot price of petrol from N880 to N840 per litre.
The refinery attributed the drop to falling global crude oil prices, which have prompted some local market adjustments.
Independent petroleum marketers have also responded, adjusting their pump prices downward.
In Abuja, many now sell petrol between N930 and N940 per litre, compared to earlier rates ranging from N945 to N975. In Lagos, the price has dropped to as low as N890 from N925.
The price cuts offer slight respite for consumers facing rising living costs and transportation expenses, though analysts caution that broader reforms and market stabilization are necessary to ensure long-term fuel affordability in Nigeria.
