The Nigerian National Petroleum Company Limited (NNPCL) has reduced the pump price of Premium Motor Spirit (PMS), popularly known as petrol, for the second time in four days.
A market survey on Saturday showed that NNPCL retail outlets at Airport Junction and Wuse Zone 6 (Berger) in Abuja have lowered the pump price to N1,210 per litre, down from N1,260 per litre.
The latest adjustment represents a N50 per litre reduction.
The development comes just two days after Dangote Refinery slashed its ex-depot (gantry) petrol price by N50, bringing it down to N1,125 per litre.
The state-owned oil company had earlier reduced its pump price by N75 per litre to N1,260 only four days ago, following an earlier price cut by Dangote Refinery.
With the latest reduction by NNPCL, petrol now sells between N1,210 and N1,305 per litre across Abuja and its surrounding areas, depending on the retail outlet.
The fresh price cut comes amid a decline in global crude oil prices, with West Texas Intermediate (WTI) and Brent crude trading at about $69 and $71 per barrel, respectively, following the easing of tensions in the Middle East.
Meanwhile, Nigerian Newsphere reports that President Bola Ahmed Tinubu has yet to respond to growing calls from Nigerians for a broader reduction in domestic fuel prices in line with the sustained fall in international crude oil prices.
