Nigerians have witnessed yet another downward adjustment in petrol prices, as the Nigerian National Petroleum Company Limited (NNPCL) slashed the pump price of Premium Motor Spirit (PMS) for the second time in a week. The development follows ongoing market reactions to deregulation in the downstream oil sector.
On Wednesday, NNPCL revised its retail price from ₦895 per litre to ₦890, marking a ₦5 reduction. This change took immediate effect at various NNPCL filling stations across Abuja, including outlets along Kubwa Expressway, Gwarimpa, and Wuse Zone 4.
This move comes just days after the company first lowered prices, indicating a trend that could continue as the market stabilizes under deregulated conditions.
Meanwhile, Dangote Refinery’s retail partners—including AP Ardova, Optima, MRS, and Bovas—are now dispensing fuel at slightly lower rates, with pump prices at ₦885 per litre.
Addressing the development, Abubakar Maigandi, National President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), explained that the price volatility is a direct consequence of deregulation, which allows market forces to influence fuel costs more freely.
As Nigerians continue to navigate rising living costs and fuel availability, further fluctuations in petrol prices remain likely in the weeks ahead.
