NNPCL reduces petrol price again to N890

|By Adejumo Adekunle

…Second cut in one week triggers fresh reactions
…Independent marketers undercut with N885 pump price

The Nigerian National Petroleum Company Limited (NNPCL) has again lowered its pump price for Premium Motor Spirit (PMS), commonly called petrol, marking the second reduction in just one week.

A correspondent who monitored the situation in Abuja on Wednesday reported that the new pump price across NNPCL retail outlets now stands at N890 per litre, down from the previous N895. The N5 reduction reflects the company’s continued response to market forces following the deregulation of the downstream oil sector.

Filling stations operated by NNPCL in key areas such as Kubwa Expressway, Gwarimpa, and Wuse Zone 4 have already adjusted their meters to reflect the new price.

This adjustment comes barely a week after the company implemented a similar retail price slash—signaling a possible trend in price moderation as private refiners enter the market.

Meanwhile, retail partners of the Dangote Refinery—including AP Ardova, Optima, MRS, and Bovas—are selling petrol even cheaper at N885 per litre, undercutting NNPCL’s price.

Reacting to the latest development, the National President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Abubakar Maigandi, said fuel prices are expected to remain unstable for now due to the deregulated nature of the market.

“Prices will continue to fluctuate depending on the forces of supply and demand, exchange rate volatility, and cost of logistics,” Maigandi noted.

Nigerians have continued to express mixed feelings about the frequent changes, with some welcoming the reduction and others calling for more transparency in the pricing mechanism.