The Nigerian National Petroleum Company Limited (NNPCL) has announced another reduction in the pump price of Premium Motor Spirit (PMS), marking its second downward review within four days.
A market check conducted on Saturday revealed that NNPCL filling stations around Airport Junction and Wuse Zone 6 (Berger) in Abuja now dispense petrol at N1,210 per litre, down from the previous price of N1,260 per litre. The latest adjustment represents a N50 reduction for motorists purchasing fuel at the state-owned company’s retail outlets.
The fresh price cut comes just two days after Dangote Refinery lowered its ex-depot, or gantry, price of petrol by N50 to N1,125 per litre, a move that has continued to influence fuel pricing across the downstream sector.
Earlier this week, NNPCL had reduced its pump price by N75 per litre, bringing the cost to N1,260 before implementing the latest adjustment.
With the new review, petrol prices across Abuja and surrounding areas now range between N1,210 and N1,305 per litre, depending on the filling station.
The downward trend in domestic fuel prices coincides with a decline in global crude oil prices following the easing of tensions in the Middle East. West Texas Intermediate (WTI) crude is currently trading at about $69 per barrel, while Brent crude stands at approximately $71 per barrel.
Despite growing calls from Nigerians for lower fuel prices in line with the drop in international crude oil prices, President Bola Tinubu has yet to publicly address the demand for further reductions in the domestic pump price of petrol.
The post NNPCL Slashes Petrol Price Again, Cuts Pump Rate by N50 appeared first on Information Nigeria.
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