NNPC Cuts Petrol Price to ₦900 Per Litre, Citing Market Adjustments

The Nigerian National Petroleum Company Limited (NNPCL) has reduced the pump price of Premium Motor Spirit (petrol) at its retail outlets to ₦900 per litre, just 48 hours after implementing a hike that pushed prices to ₦955.

Market sources disclosed on Wednesday that NNPCL stations along the Kubwa expressway and other areas in Abuja have already reflected the new pricing structure. The ₦55 reduction follows a brief surge prompted by market volatility, which had led to a price spike earlier in the week.

Two days prior, the state-run oil company raised its Abuja retail price to ₦955 per litre and ₦915 per litre in Lagos, up from ₦865, citing rising ex-depot costs. However, the latest drop points to persistent instability in Nigeria’s deregulated downstream sector.

A staff member at an NNPCL filling station in Kubwa confirmed the revised pricing, noting, “We sold at ₦955 on Tuesday, but now it’s ₦900.”

Independent marketers have also started adjusting their rates. At Gwarinpa, Ranoil and Empire Energy stations were observed dispensing fuel at ₦955 and ₦950 per litre respectively, down slightly from their earlier prices of ₦971 and ₦970. Meanwhile, some stations like MRS have maintained their rates, continuing to sell at ₦885 per litre.

Analysts and market operators have attributed the fluctuations to shifting ex-depot prices, particularly at private facilities including the Dangote Refinery. In a deregulated environment, these backend pricing variations have become key influencers of pump rates.

Amid growing concern from stakeholders, calls have intensified for regulatory agencies to enhance oversight and ensure price fairness across the distribution chain.

The recent reduction coincides with minor drops in loading costs at select private depots. Data reviewed on Wednesday suggests a slight dip in ex-depot prices at Zone 4 and Mainland depots, falling by ₦2 per litre to ₦860 and ₦862 respectively—a marginal 0.23% decline.

Other major depots such as MENJ, Aiteo, Sahara, A.A. Rano, Pinnacle, and MRS Tincan reportedly maintained steady rates around ₦860 to ₦861 per litre, indicating cautious market repositioning amid ongoing adjustments.