The Nigerian National Petroleum Company Limited (NNPCL) has officially reduced the pump price of Premium Motor Spirit (PMS), also known as petrol, at its retail outlets across the country. This development, observed over the weekend, marks a significant shift in the ongoing adjustments within the petroleum market in Nigeria.
According to reports from various locations in Abuja, including NNPCL stations at Zone 6 along Kubwa Expressway and Wuse Zone 4, the new pricing has already taken effect. The reduction comes as a response to recent adjustments in the ex-depot petrol price by the privately-owned Dangote Refinery, which earlier slashed its price following a dip in global crude oil prices.
Industry sources confirm that the new pricing structure is aimed at aligning with market realities and providing some level of relief to Nigerians already grappling with rising costs of living. The reduction has also been reflected by members of the Independent Petroleum Marketers Association of Nigeria (IPMAN), who have adjusted their pump prices accordingly in various states, including Lagos and the Federal Capital Territory.
In Lagos, fuel now sells at a lower rate in many independent stations, indicating a growing trend in price reduction beyond the state-owned NNPCL outlets. While the exact figures vary by location and marketer, many outlets have reportedly dropped their prices by as much as N30 to N40 per litre compared to previous weeks.
The price cut is viewed as a direct response to recent global trends in crude oil pricing, and it reinforces NNPCL’s commitment to ensuring stable and fair pricing in the downstream petroleum sector. However, experts warn that the sustainability of the new rate will largely depend on continued global oil market dynamics and the country’s ability to manage supply chain factors.
As of now, NNPCL has not issued a nationwide directive on whether the new rate will be replicated across all states, but several retail outlets in other regions have also begun to adjust prices in line with the Abuja changes.
This latest development is seen as a welcome move for consumers who have been burdened by high fuel costs since the removal of fuel subsidies. It also reflects the growing influence of Dangote Refinery’s pricing strategy within Nigeria’s evolving petroleum industry.
Source:
Daily Post Nigeria