The Nigerian National Petroleum Company Limited (NNPCL) has reduced the pump price of Premium Motor Spirit (PMS), commonly known as petrol, by ₦95 per litre following a price adjustment by the Dangote Refinery.
Checks on Wednesday showed that NNPCL retail outlets in Abuja lowered the pump price from ₦1,260 per litre to ₦1,165 per litre.
The new price has already been implemented at NNPCL filling stations in Jabi, Lifecamp, Wuse Zone 4, and Wuse Zone 5, where motorists were seen purchasing fuel at the revised rate.
The price reduction comes shortly after the Dangote Refinery reduced its gantry price—the price at which it sells petrol to marketers—to about ₦1,075 per litre.
Following the development, several independent marketers have also adjusted their pump prices.
NIPCO stations now sell petrol at around ₦1,195 per litre
AP outlets offer the product at approximately ₦1,200 per litre
AA Rano stations sell at about ₦1,223 per litre
A manager at an MRS filling station, who spoke anonymously, confirmed that the station plans to further reduce its pump price to ₦1,167 per litre starting Thursday.
Industry observers say the price changes reflect Nigeria’s market-driven fuel pricing system, which allows prices to fluctuate based on supply dynamics and global crude oil prices.
As of the latest market data, Brent Crude Oil traded at $91.76 per barrel, while West Texas Intermediate stood at $86.86 per barrel.
Experts note that petrol prices in Nigeria may continue to fluctuate as refiners and marketers respond to global oil trends and domestic supply conditions.
#NNPCL #DangoteRefinery #FuelPriceNigeria #PetrolPrice #NigeriaEconomy #OilAndGas #PMS #EnergyNews #NigeriaNews
0 Comments