NNPC Makes U-turn, Slashes Petrol Price 48 Hours After Hike
BARELY 48 hours after increasing its pump price, the Nigerian National Petroleum Company Limited has slashed the cost of Premium Motor Spirit (petrol) at its retail stations to ₦900 per litre, down from ₦955 per litre.
Findings on Wednesday revealed that NNPCL outlets at the Kubwa expressway and other locations in Abuja had already adjusted their prices in line with the new directive.
The ₦55 price reduction comes just two days after the state-owned oil firm raised its pump price to ₦955, citing market volatility. The latest adjustment underscores the unstable nature of the downstream market amid fluctuating ex-depot prices.
Recall that on Monday, NNPC retail outlets jerked up prices to ₦955 in Abuja and ₦915 per litre in Lagos, a ₦50 increase from the previous price of ₦865 per litre due to increased depot price.
“On Tuesday, we sold fuel at ₦955 per litre, but it is now ₦900,” an attendant at an NNPC outlet in Kubwa stated on condition of anonymity. Beyond NNPC outlets, some independent marketers have also reviewed their prices. Rainoil and Empire Energy stations in Gwarinpa were dispensing petrol at ₦955 and ₦950 per litre respectively, reflecting marginal drops from ₦971 and ₦970 per litre earlier in the week.
However, some stations appear to have maintained their rates. A manager at an MRS filling station in Abuja said they were still selling at ₦885 per litre, the same rate recorded earlier in the week.
Market operators had attributed the recent surge in pump prices to increased ex-depot rates at the Dangote Refinery and other private depots. Depot-level price volatility has become a major determinant of pump prices, especially in a deregulated downstream market.
Stakeholders continue to raise concerns over the pricing mechanism, calling on regulatory agencies to intensify market monitoring and ensure fairness across the value chain.
However, the drop-in price coincides with reduced loading costs at private depots. According to petroleumprice.ng, some petroleum depots have recorded marginal reductions in Premium Motor Spirit prices, with traders attributing the slight changes to ongoing market adjustments.
Latest market data reviewed on Wednesday showed that the Zone 4 and Mainland depots adjusted their ex-depot prices downward by ₦2 per litre, bringing their current rates to ₦860 and ₦862 per litre, respectively. This translates to a minor price drop of 0.23 per cent from previous levels.
Other major depots, including MENJ, Aiteo, Sahara, MRS Tincan, A.A. Rano, and Pinnacle, maintained stable prices around ₦860 to ₦861 per litre.
(The PUNCH, but headline rejigged)
