The Nigerian National Petroleum Company Limited (NNPCL) has reduced the pump price of premium motor spirit (PMS), better known as petrol, marking the second downward adjustment within one week.
A reduction of ₦5 from the previous price of ₦895 was implemented across several NNPCL retail outlets in Abuja, including locations along the Kubwa Expressway, Gwarimpa, and Wuse Zone-4.
According to reports, the new price of a litre of petrol at NNPCL”s retail outlets in Ibadan, Oyo State, has been pegged at ₦875.
The latest adjustment comes barely a week after the company announced a retail price slash, further easing the cost burden on consumers amid fluctuating fuel prices. While NNPCL stations are now selling at ₦890 and ₦875 per litre, some retail partners of Dangote Refinery — including AP Ardova, Optima, MRS, and Bovas — are offering a slightly lower price of ₦885 per litre.
Meanwhile, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has renewed calls for a harmonised refined fuel pricing framework across West Africa, as part of efforts to eliminate the importation of adulterated fuel into the region.
Speaking at the closing ceremony of the West African Refined Fuel Conference in Abuja, Chief Executive of NMDPRA, Farouk Ahmed, said the proposed uniform pricing would boost refining capacity and expand shipping activities on the continent. “There are a lot of activities that will follow this and include employment, economic empowerment, and of course economic independence for both Africa and West Africa, and particularly in this case, Nigeria”, he stated.
Also speaking at the event, the Minister of Budget and National Planning, Senator Abubakar Atiku Bagudu, noted that increasing Nigeria’s refining capacity is critical to the federal government’s plan to achieve double-digit GDP growth.
He added that such a target would only be realised through significant investor commitment in the oil and gas sector.
