State oil company reduces pump price from N945 to N910 following crude oil decline
Abuja – The Nigerian National Petroleum Company Limited (NNPCL) reduced petrol prices at its retail outlets nationwide over the weekend. The N35 per litre price cut brings pump prices down from N945 to N910.
Price Drop Details
NNPCL stations across Abuja began selling petrol at N910 per litre on Saturday. The reduction saves motorists N1,750 when filling a typical 50-litre tank.
“Our stations in Abuja now sell petrol at N910 per litre, down from N945 per litre,” confirmed an attendant at an NNPCL station on Kubwa Expressway on Saturday.
Lagos residents pay approximately N890 per litre at NNPCL outlets. This marks the first significant price reduction since fuel subsidy removal in May 2023.
Dangote Refinery Triggers Change
The price reduction follows Dangote Refinery’s decision to lower its ex-depot price from N880 to N840 per litre. The refinery cited falling global crude oil prices as the reason.
Independent marketers responded by adjusting their pump prices to between N930 and N940 per litre in Abuja. Most independent stations across major cities now sell petrol between N930 and N950 per litre.
“We believe the drop in crude oil prices has paved the way for this adjustment,” said an Independent Petroleum Marketers Association of Nigeria (IPMAN) representative.
Global crude oil prices declined after tensions eased in the Middle East following the Israel-Iran conflict.
Market Response
Distribution companies report improved product availability at the new price levels. The coordinated price cuts represent the first significant reduction across multiple retailers since subsidy removal.
Industry sources expect further adjustments if crude oil prices continue declining. The changes could reduce supply chain disruptions that occurred during previous price volatility.
Public Reaction
Motorists welcomed the reduction but called for additional cuts. Many remember significantly lower prices before subsidy removal.
“This will slightly ease our daily expenses, but we hope for more cuts if oil prices continue to drop,” said Musa Adamu, a commercial driver in Wuse Zone 4.
Transport operators indicated they may reduce fares if petrol prices decline further. However, most maintained current fare structures pending more substantial price reductions.
Current prices remain significantly higher than pre-subsidy levels when motorists paid under N200 per litre.
By Abiodun Labi
