The Nigerian National Petroleum Company Limited (NNPCL) has reduced the pump price of Premium Motor Spirit (PMS), popularly known as petrol, by N75 per litre, seven days after the Dangote Refinery announced a cut in its ex-depot price.
A market survey conducted on Tuesday showed that NNPCL retail outlets across Abuja and its environs have adjusted their petrol price downward to N1,260 per litre from the previous N1,335 per litre.
The latest price reduction has already taken effect at several NNPCL filling stations, including those located along the Kubwa Expressway, Wuse Zone 6 (Berger), and Zone 4 in Abuja.
The adjustment follows the decision by Dangote Refinery on June 16 to slash its petrol gantry price to N1,175 per litre amid declining global crude oil prices.
The refinery’s price cut has since triggered a wave of reductions in fuel prices across the country, with several marketers adjusting their retail rates to reflect the lower acquisition cost.
In recent days, major fuel retailers, including MRS and other filling stations, have reduced their pump prices, with petrol selling between N1,241 and N1,300 per litre in parts of Abuja.
The latest move by NNPCL is expected to provide further relief to motorists and consumers grappling with high transportation and energy costs, while intensifying competition among fuel marketers in the downstream petroleum sector.
