The Nigerian National Petroleum Company Limited (NNPCL) has reduced the pump price of petrol for the second time in four days, offering fresh relief to motorists as competition in Nigeria’s downstream oil sector intensifies.
The latest price cut comes just days after the state-owned oil company reduced its retail price by ₦75 per litre, signalling a continued downward trend in fuel prices.
Checks at several NNPCL retail outlets in Abuja showed that petrol is now selling for ₦1,210 per litre at filling stations around Airport Junction, in Berger, and in Wuse Zone 6.
The new price represents a ₦50 reduction from the previous ₦1,260 per litre charged at the same stations.
The adjustment means NNPCL has lowered its petrol price by a combined ₦125 per litre within just four days.
NNPCL’s latest move comes shortly after Dangote Refinery announced a ₦50 reduction in its ex-depot (gantry) price, bringing it down to ₦1,125 per litre.
The back-to-back price cuts have intensified competition in the petroleum market, with marketers expected to adjust retail prices in response.
As a result, petrol prices across Abuja and surrounding areas now range between ₦1,210 and ₦1,305 per litre, depending on the filling station and marketer.
The latest downward review also coincides with a decline in global crude oil prices following the easing of geopolitical tensions in the Middle East.
At the time of the latest market update:
- Brent crude traded at approximately $71 per barrel.
- West Texas Intermediate (WTI) crude stood at about $69 per barrel.
The softer global oil market has contributed to lower fuel costs, creating room for refiners and marketers to reduce pump prices.
The fresh reduction is expected to ease transportation costs for motorists and businesses already grappling with high operating expenses.
Industry observers say continued competition between major suppliers, particularly NNPCL and Dangote Refinery, could lead to further price adjustments if global crude prices remain stable and supply conditions continue to improve.
