The Nigerian National Petroleum Company Limited has reduced the pump price of premium motor spirit, following a decrease in ex-depot prices by Dangote Refinery and depot owners. A survey of filling stations in Abuja revealed that the state-owned firm has lowered its fuel price to N930 per liter, down from N945. This reduction has been implemented at NNPCL retail outlets in various locations, including Kubwa Expressway, Gwarimpa, Wuse Zone 4, and Zone 6.
The price adjustment represents a decrease of N10 per liter. Other filling stations, such as Ranoil in Gwarimpa, have also reduced their fuel prices, albeit by a smaller margin of N5, to N935 per liter from N940. MRS and AP Ardova filling stations in Abuja are currently dispensing petrol at prices ranging between N930 and N935 per liter.
The reduction in fuel prices is attributed to the decrease in ex-depot prices by Dangote Refinery and depot owners, including Pinnacle and Aiteo, which have lowered their prices to N846, N845, and N844 per liter, respectively. According to Chinedu Ukadike, spokesperson for the Independent Petroleum Marketers Association of Nigeria, the ongoing petrol price war may lead to further price reductions.
The development is significant, as it may have a positive impact on consumers and the overall economy. The reduction in fuel prices could lead to lower transportation costs, which may, in turn, affect the prices of goods and services. As the situation continues to unfold, it is likely that the prices will remain volatile, with possible further adjustments in the coming days. With the current trend, it is essential to monitor the market closely to anticipate any changes that may occur.
