The Nigerian National Petroleum Company Limited (NNPC Ltd) has lowered the pump price of premium motor spirit (petrol) less than 48 hours after it was previously increased at its retail stations.
The Nigerian National Petroleum Company Limited (NNPC Ltd) has made a notable reversal in fuel pricing, reducing the pump price of Premium Motor Spirit (PMS), commonly known as petrol, across its retail outlets. This development comes less than 48 hours after a recent price hike that had sparked public concern and intensified conversations around rising fuel costs in the country.
According to reports available as of Wednesday morning, NNPC retail outlets across key areas in Abuja have implemented a new, lower petrol price of ₦900 per litre. This is a decrease from the previous rate of ₦955 per litre, which was introduced just two days prior. The sudden change marks a ₦55 reduction in the pump price and suggests a possible response to public and market pressures.
Field reports confirmed that NNPC’s own fuel stations located in neighborhoods such as Gwarimpa, Wuse Zone 6, Wuse Zone 4, and along the Kubwa Expressway had already adopted the revised pricing. A fuel station attendant at one of the NNPC outlets, who requested to remain anonymous, told reporters: “On Tuesday, we were selling at ₦955 per litre, but as of this morning, it has dropped to ₦900.”
The change by the state-run oil company appears to have influenced pricing trends among independent retailers as well. In Gwarimpa, two private fuel stations—Ranoil and Empire Energy—have also revised their prices downward. Ranoil reduced its pump price from ₦971 to ₦955 per litre, while Empire Energy adjusted its rate from ₦970 to ₦950 per litre, indicating that the shift by NNPC may be beginning to ripple through the broader market.
However, not all fuel marketers have altered their pricing in response to NNPC’s reduction. A manager at one of the MRS filling stations in Abuja, as cited in the report, confirmed that their station has maintained its current petrol pump price at ₦885 per litre. This rate has remained consistent since Tuesday, positioning MRS as one of the few outlets offering fuel below the ₦900 threshold despite recent volatility.
This recent fluctuation in fuel prices comes amid ongoing discussions about the broader causes behind the price hikes seen earlier in the week. Industry insiders and market analysts have pointed to the rising ex-depot prices of petrol as a key contributing factor. These are the prices at which petroleum products are sold by depots, such as the Dangote Refinery and other major suppliers, to fuel marketers. The increase in ex-depot rates is believed to have triggered the initial jump to ₦955 and above at many filling stations across the country.
The government and NNPC have not yet issued an official statement clarifying the reasons behind this quick reduction in price. However, observers suggest that the move may be an attempt to stabilize the market, ease consumer backlash, or manage fuel affordability concerns amid ongoing economic hardship.
Consumers across Nigeria continue to face the impact of fuel price fluctuations, which affect transportation, goods, and services, particularly in urban centers like Abuja, Lagos, and Port Harcourt. As the nation relies heavily on petrol for daily commuting and small business operations, even marginal price changes can have wide-ranging consequences for households and the broader economy.
The fuel pricing landscape remains fluid, and industry stakeholders are closely monitoring developments at both NNPC and private depots to assess whether more changes are likely in the days ahead.
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