NNPCL Slashes Petrol Price for Second Time in Four Days

I’llJuliet Oladele, Reporting 

THE Nigerian National Petroleum Company Limited (NNPCL) has reduced its petrol pump price for the second time in four days, offering further relief to motorists in the Federal Capital Territory and its environs.

According to a market survey conducted by Daily Post, NNPCL retail outlets around Airport Junction, Wuse Zone 6, and Berger in Abuja have lowered the pump price of petrol to ₦1,210 per litre, down from ₦1,260 per litre.

The latest adjustment means the state-owned oil company has slashed petrol prices by a cumulative ₦50 per litre.

This development comes barely two days after Dangote Refinery reduced its petrol gantry price by ₦50 to ₦1,125 per litre.

It also follows an earlier adjustment by NNPCL four days ago, when the company reduced its fuel pump price by ₦75 per litre to ₦1,260 per litre.

With the latest reduction, petrol prices now range between ₦1,210 and ₦1,305 per litre in Abuja and its surrounding areas.

The reduction in domestic petrol prices comes amid a significant drop in global crude oil prices.

West Texas Intermediate (WTI) crude is currently trading around $69 per barrel, while Brent crude stands at approximately $71 per barrel, following the easing of geopolitical tensions in the Middle East.

The decline in crude oil prices has continued to fuel public expectations that domestic petrol pump prices should also drop more substantially.

The price cuts have been linked to the recent de-escalation of conflict in the Middle East, which has impacted energy prices globally.

Industry observers note that the adjustments underscore Dangote Refinery’s growing influence over Nigeria’s fuel pricing landscape, with market participants increasingly adjusting their own pricing strategies in response to moves from the 650,000-barrels-per-day facility.