Less than two days after raising the pump price of Premium Motor Spirit (PMS) to ₦955 per litre, the Nigerian National Petroleum Company Limited (NNPCL) has reversed course, slashing the price to ₦900 at its retail outlets.
A visit to several NNPCL filling stations in Abuja on Wednesday morning confirmed the adjustment. Stations in Gwarinpa, Kubwa Expressway, Wuse Zone 6, and Wuse Zone 4 were all selling petrol at the new rate, surprising many motorists who had just begun adjusting to the earlier hike.
The NNPCL has yet to release an official statement explaining the sudden U-turn, but industry watchers say the move may be a response to public outcry and the risk of inflationary pressure mounting further.
The ₦55 reduction follows a steep increase earlier in the week that had sparked complaints from commuters and transporters grappling with rising costs.
Some independent marketers have also made downward adjustments, though less significantly. Ranoil and Empire Energy in Gwarinpa now sell at ₦955 and ₦950 per litre respectively, down from ₦971 and ₦970. Meanwhile, MRS stations have maintained their earlier rate of ₦885 per litre, which had remained unchanged since the start of the week.
The earlier spike was largely attributed to rising ex-depot prices, particularly from Dangote Refinery and other private suppliers.
Although NNPCL has now lowered its price, it remains uncertain whether this move will lead to a nationwide reduction or just a temporary reprieve. For now, Nigerians continue to face the ripple effects of volatile fuel pricing on transportation, goods, and daily living expenses.
