By Joy Yesufu
The Nigerian National Petroleum Company Limited (NNPCL) has reduced the pump price of Premium Motor Spirit (PMS) at its retail outlets, just 48 hours after an upward adjustment.
As of Wednesday morning, NNPCL stations in Abuja, including locations in Gwarimpa, Wuse Zones 4 and 6, and along the Kubwa Expressway had lowered the price of petrol from N955 to N900 per litre.
This represents a N55 per litre cut, effectively rolling back the recent price hike that took effect on Monday.
Despite the NNPCL’s downward adjustment, independent marketers are maintaining slightly higher prices. Ranoil and Empire Energy outlets in Gwarimpa have reduced their pump prices marginally—from N971 and N970 to N955 and N950 per litre, respectively.
Industry sources had earlier attributed the fuel price increases to a surge in ex-depot prices, particularly at Dangote Refinery and other major depots supplying the retail market.
While the reason for the swift reversal by the NNPCL has not been officially stated, analysts believe the move may be in response to public outcry and efforts to stabilise prices amid widespread inflationary pressures.
