The Nigerian National Petroleum Company Limited (NNPCL) has officially reduced the pump price of Premium Motor Spirit (PMS), popularly known as petrol, across its retail outlets. This downward adjustment offers immediate, much-needed relief to Nigerian motorists and households navigating a challenging economic climate.

A market survey conducted on Wednesday morning confirmed that NNPCL retail stations in the Federal Capital Territory (FCT), Abuja, and its immediate environs have already updated their electronic display boards to reflect the cheaper pricing template.

The state-owned oil giant effectively slashed its fuel price by ₦25 per litre. Consequently, consumers who previously paid ₦1,395 per litre will now purchase the essential commodity at ₦1,370 per litre at all authorized NNPCL stations.

The immediate implementation of this new price regime was observed at several major NNPCL hubs in Abuja. These include high-traffic stations located at Wuse Zone 6, Wuse Zone 4, and the Air Junction axis, where motorists were already enjoying the reduced rates.

This strategic price review is a direct response to a recent supply-chain intervention by the Dangote Petroleum Refinery. The mega-refinery recently initiated a market-friendly move by cutting its gantry petrol price by ₦25, bringing it down to ₦1,325 per litre.

The NNPCL is not the first major marketer to respond to the refinery’s price drop. Major Energies Marketers, including MRS filling stations, had already adjusted their retail prices downward to ₦1,370 per litre forty-eight hours earlier to remain competitive.

Meanwhile, this domestic price reduction occurs against the backdrop of a highly volatile international energy market. At the time of filing this report, global benchmark Brent crude stood at $103 per barrel, while the US West Texas Intermediate (WTI) blend traded firmly at $90 per barrel.