By Ado Oyeyemi
The Nigerian National Petroleum Company Limited has reduced the pump price of Premium Motor Spirit, popularly known as petrol, for the second time within four days, offering fresh relief to motorists amid declining global crude oil prices.
As reported by Daily Post, checks at several NNPCL retail outlets in Abuja on Saturday showed that the state-owned oil company lowered the price of petrol from N1,260 to N1,210 per litre, representing a reduction of N50 per litre.
The latest adjustment was observed at filling stations around Airport Junction and Wuse Zone 6, also known as Berger, in the Federal Capital Territory.
The price review comes just two days after Dangote Refinery announced a N50 reduction in its ex-depot petrol price, bringing the rate down to N1,125 per litre.
Earlier in the week, NNPCL had increased its pump price by N75 per litre to N1,260 before reversing course with the latest reduction.
Following the adjustment, petrol now sells between N1,210 and N1,305 per litre across Abuja and neighbouring areas, depending on the retail outlet.
Industry observers attribute the downward trend in domestic fuel prices to the recent decline in international crude oil prices. Brent crude and West Texas Intermediate were trading at about $71 and $69 per barrel, respectively, following easing tensions in the Middle East.
Despite the sustained drop in global crude prices and repeated calls by Nigerians for cheaper fuel, the Federal Government has yet to make any official statement on whether further reductions in domestic pump prices should be expected. President Bola Tinubu has also remained silent on the growing demand for additional price relief.
