In a welcome shift for consumers, the Nigerian National Petroleum Company (NNPC) Limited has reduced the official pump price of Premium Motor Spirit (PMS) to ₦910 per litre, down from ₦945, signaling a modest relief amid ongoing fuel price volatility.
The revised price came into effect Saturday morning, with adjustments observed across NNPC mega stations in Abuja, including Zone 6 along Kubwa Expressway, Wuse Zone 4, and several other key locations.
This marks a ₦35 price cut at NNPC-owned outlets and follows a broader trend of price adjustments in the downstream sector.
Dangote Refinery’s Price Drop Sparks Industry-Wide Adjustments
NNPC’s decision trails a similar move by Dangote Petroleum Refinery, which earlier this week lowered its ex-depot petrol price from ₦880 to ₦840 per litre.
The refinery’s spokesperson, Anthony Chiejina, confirmed the reduction, stating that the price change became effective June 30.
Industry analysts link the price reductions to declining global crude oil prices, driven by market uncertainty and geopolitical turbulence.
Recent events, including U.S. airstrikes on Iranian nuclear sites and renewed tension in the Israel-Iran conflict, have shaken oil markets, pushing prices down after weeks of heightened volatility.
Retail Prices Dip Nationwide as Marketers Follow Suit
In response to the changes, several members of the Independent Petroleum Marketers Association of Nigeria (IPMAN) also adjusted their retail pump prices.
In Abuja, petrol now sells for ₦930–₦940, down from previous highs of ₦945–₦975.
In Lagos, retail prices dropped from ₦925 to ₦890, offering marginal but significant relief for motorists.
Marketers say they expect further adjustments if crude oil prices continue to fall or local refining capacity stabilizes.
Nigerians Welcome Relief, But Skepticism Remains
While many Nigerians welcomed the slight price cut, critics argue that ₦910 per litre remains unaffordable for millions still grappling with inflation, food shortages, and transport hikes.
“We appreciate the drop, but it’s still high,” said Kabiru Musa, a commercial driver in Gwarinpa.
“Before subsidy removal, I filled my tank with ₦7,000. Now I need over ₦20,000.”
