The Nigerian National Petroleum Company Limited (NNPCL) has lowered the pump price of Premium Motor Spirit (PMS), commonly known as fuel or petrol, to ₦890 per litre. This marks the second reduction in less than a week.
The new price was observed at various NNPCL retail outlets in Abuja on Wednesday, July 23.
TheNewsGuru reports that the price slash reflects a ₦5 per litre drop from the previous ₦895 pump price.
Daily Post claimed to have observed filling stations along Kubwa Expressway, Gwarimpa, Wuse Zone 4, and other major parts of the Federal Capital Territory adjusted their pump meters on Wednesday morning to reflect the new pricing.
The move comes barely a week after the state-owned oil company first introduced a retail price reduction for petrol, an indication that the company may be responding to recent developments in the local supply and distribution value chain.
While NNPCL stations now sell at ₦890 per litre, major retailers linked to the Dangote Petroleum Refinery, including AP Ardova, Optima, MRS, and Bovas, were seen dispensing fuel at a slightly cheaper rate of ₦885 per litre.
Industry observers say the pricing gap may be linked to supply source advantages and efficiency in distribution from the newly operational Dangote Refinery.
Reacting to the recurring changes in fuel prices, the National President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Abubakar Maigandi, said the fluctuations are a direct outcome of the deregulated downstream oil sector.
“Fuel prices will continue to fluctuate because the market has been deregulated,” Maigandi told Daily Post.
“The pricing depends on global crude oil prices, exchange rates, logistics, and local market conditions.”
He urged Nigerians to brace for a dynamic fuel pricing regime as marketers now operate in a liberalised environment where supply and demand forces determine pump rates.