Nigerian National Petroleum Company Limited and other fuel retailers have reduced the pump price of premium motor spirit, also known as petrol, in the country. The price adjustment was observed at various filling stations in Abuja, with NNPCL retail outlets now selling petrol at N915 per liter, down from N920. This represents a reduction of N5 per liter.
Other fuel retailers, including MRS and BOVAS, have also lowered their prices to N910 per liter, a decrease from N945 per liter. Meanwhile, other stations such as AYM Shafa, NIPCO, Optima, Mobil, Ranoil, and Empire are selling petrol between N920 and N937 per liter.
The ex-depot price of petrol at various refineries, including Dangote Refinery, Eterna, Aiteo, and BOVAS, ranges from N822 to N824.50 per liter. This is not the first time NNPCL and other fuel retailers have reduced petrol prices in recent days. In the last two weeks, NNPCL has adjusted its pump price twice, resulting in a total reduction of N30 per liter from the initial price of N945.
The latest price reduction is a welcome development for motorists and commuters in Nigeria, who have been bearing the brunt of high fuel prices. The decrease in petrol prices is expected to have a positive impact on the economy, as it will lead to a reduction in transportation costs and other related expenses.
The Nigerian government has been working to stabilize the fuel market and reduce the burden of high petrol prices on citizens. The recent price reductions by NNPCL and other fuel retailers are a step in the right direction, and it is hoped that this trend will continue in the coming days. As the country’s fuel market continues to evolve, it is essential for stakeholders to monitor the situation closely and make adjustments as necessary to ensure that petrol prices remain stable and affordable for all.
