- NNPCL Drops Petrol Price Just 48 Hours After Hike
- Independent marketers adjust slightly, but nationwide stability remains uncertain.
- Consumers express frustration as fuel price volatility worsens living costs
The Nigerian National Petroleum Company Limited (NNPCL) has reduced the pump price of Premium Motor Spirit (PMS), commonly known as petrol, to ₦900 per litre at its retail stations in Abuja.
This comes barely 48 hours after the price was increased to ₦955.
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EKO HOT BLOG reports that checks on Wednesday morning showed that stations in Gwarinpa, Kubwa Expressway, Wuse Zone 6, and Wuse Zone 4 had implemented the new price. “On Tuesday, we sold fuel at ₦955 per litre, but it is now ₦900,” a fuel attendant confirmed.
The ₦55 reduction follows Monday’s hike, which was linked to rising ex-depot costs from Dangote Refinery and other private depots. While NNPCL has initiated the cut, independent marketers have made slight adjustments.
Ranoil and Empire Energy outlets in Gwarinpa now sell at ₦955 and ₦950 per litre, down from ₦971 and ₦970. However, MRS stations have kept their price at ₦885, which they introduced earlier in the week.
Despite the reduction, concerns persist over unstable fuel pricing. Motorists say the fluctuations are worsening transportation costs and adding to the pressure on household expenses. “It’s like living in suspense; you don’t know what you’ll pay tomorrow,” a commuter lamented.
It remains unclear whether the adjustment by NNPCL will lead to a nationwide price review, as many filling stations outside Abuja are yet to reflect the new rate. Industry analysts warn that unless ex-depot prices stabilize, volatility in pump prices is likely to continue.
