The state-owned oil firm, Nigerian National Petroleum Company Limited (NNPCL), on Thursday, reduced the pump price of Premium Motor Spirit to ₦930 per litre from ₦945 per litre in Abuja, following a ₦10 drop in ex-depot prices by Dangote Refinery and major depot owners.
According to Daily Post, which monitored fuel stations across Abuja on Thursday, observed that NNPCL retail outlets have commenced the downward adjustment, cutting the price by ₦10 per litre from the previous ₦945. The new pump price is now ₦930.
The price reduction was implemented across NNPCL retail stations along the Kubwa Expressway, Gwarimpa, Wuse Zone 4, and Wuse Zone 6, as well as other outlets in Abuja and neighbouring communities.t
Other independent filling stations also adjusted their PMS pump prices.
It was observed that Ranoil Filling Station in Gwarimpa reduced the retail pump price by ₦5, selling PMS at ₦935, down from the initial ₦940.
Similarly, PMS is currently dispensing at ₦930 to ₦935 at the MRS Ardova and AP Ardova stations in Abuja and environs.
Major depots, including Pinnacle Depot and Aiteo Depot, also reduced ex-depot PMS prices by at least ₦10 per litre as of Thursday morning, selling PMS at ₦846, ₦845, and ₦ 844 per litre, respectively.
Reacting to the development, the spokesperson of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Chinedu Ukadike, said PMS prices may experience further downward pressure as market competition intensifies.
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