- NNPCL Cuts Petrol Price Second Time In Four Days
- Dangote Refinery also lowered petrol, diesel and jet fuel prices.
- Falling global crude oil prices continue to drive domestic fuel price cuts.
The Nigerian National Petroleum Company Limited (NNPCL) has reduced the pump price of Premium Motor Spirit (PMS), popularly known as petrol, for the second time in four days, offering fresh relief to motorists amid declining global crude oil prices.
A market survey conducted in Abuja showed that NNPCL retail outlets at Airport Junction, Wuse Zone 6 and Berger have lowered the pump price of petrol from ₦1,260 to ₦1,210 per litre.
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EKO HOT BLOG reports that the latest adjustment represents a ₦50 per litre reduction and comes just four days after the state owned oil company slashed its pump price by ₦75 per litre to ₦1,260.
The development also follows Dangote Petroleum Refinery’s recent decision to cut its petrol loading gantry price by ₦50 per litre, reducing it from ₦1,175 to ₦1,125.
With the latest reduction by NNPCL, petrol prices across Abuja and surrounding areas now range between ₦1,210 and ₦1,305 per litre, depending on the filling station.
The downward adjustment comes as international crude oil prices continue to soften following easing tensions in the Middle East.
West Texas Intermediate (WTI) crude traded at around $69 per barrel, while Brent crude, the global benchmark, stood at approximately $71 per barrel.
The decline in global oil prices has raised public expectations that domestic fuel prices will continue to fall in line with developments in the international market.
In addition to lowering petrol prices, Dangote Petroleum Refinery recently announced fresh reductions in the prices of diesel and aviation fuel supplied through its loading gantry.
The refinery reduced the price of Automotive Gas Oil (AGO), commonly known as diesel, by ₦100 per litre, bringing the price down from ₦1,700 to ₦1,600 per litre.
It also cut the price of Aviation Turbine Kerosene (ATK), also known as jet fuel, by ₦100 per litre, lowering the product from ₦1,550 to ₦1,450 per litre.
The refinery had earlier reduced the gantry price of petrol by ₦75 per litre, bringing it down from ₦1,250 to ₦1,175 before implementing the latest reduction to ₦1,125 per litre.
The series of price cuts by both NNPCL and Dangote Refinery have been largely attributed to the sustained decline in global crude oil prices, raising hopes of further reductions in petrol prices if the international market remains stable.
